The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    216.73.216.219

    Federal Court Fines Digitex Futures $15M for KYC and AML Failings

    n-img-federal-comp

    The Commodity Futures Trading Commission (CFTC) has made it public that the US District Court has issued a fine of $15 million to a Florida resident, Adam Todd and entities that operated the crypto exchange Digitex Futures for various CFTC violations, including breaching the Commodity Exchange Act.

    As per the CFTC’s statements, the suspect and the crypto exchange were involved in illicit activities, including price manipulation of its native crypto token DGTX. Other than this, the exchange lacked the authorisation from the CFTC to offer future transactions.

    In addition to these allegations, the court’s order also highlighted that the exchange failed to register with the country’s commodities commission, while the operators were also held questioned for not implementing a rigid set of due diligence procedures, know-your-customer compliance and anti-money laundering measures.

    However, due to the negligence shown by the crypto operators, the court has enjoined the company from trading in any CFTC-regulated markets. Additionally, Digitex Futures can’t register with the CFTC in future.

    The firm needs to pay over $15 million fine, including a civil financial penalty of $11.7 million and a disgorgement of $3.9 million. The Division of Enforcement Director Ian McGinley said, 

    “The order finds that Todd attempted to manipulate Digitex’s native utility token, DGTX, by allegedly ‘pumping’ the token’s price through a computerised bot.”

    While addressing this case, McGinley emphasised that the CFTC ensures compliance and addresses manipulation in the commodity markets, including emerging cryptocurrencies. The regulatory body came after the criminals and associated crypto exchanges after seeking participation from US-based clients through online solicitations.

    Considering these emerging cases, government departments and commodity regulators, including CFTC, are raising their instances to enhance cybersecurity and compliance measures to mitigate emerging criminal activities.

    Meanwhile, the commodity commission has onboarded Scott Lee, a crypto industry expert, as senior counsel and policy advisor, showing a positive gesture for the crypto industry.

    Suggested Read:

    Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert.

    CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion

    CFTC Fines CHS Hedging for AML and Other Violations

    Related Posts

    News

    FATF Reveals Qatar’s Failure to Enforce Crypto Ban to Combat Money Laundering

    Qatari authorities have taken naive action against crypto companies that violated a ban announced...

    FATF Reveals Qatar’s Failure to Enforce Crypto Ban to Combat Money Laundering Explore More

    News

    7 UAE Law Firms Penalized in Anti-money Laundering Violations

    Around 100,000 dirhams have been fined to 7 law firms in UAE for disregarding anti-money launderi...

    7 UAE Law Firms Penalized in Anti-money Laundering Violations Explore More

    News

    “Walk the Talk” – RUSI Calls On FATF to Promote Financial Inclusion

    RUSI has called out the FATF for not actively promoting financial inclusion as part of its primar...

    “Walk the Talk” – RUSI Calls On FATF to Promote Financial Inclusion Explore More

    News

    Banks Creating Regulations for the Cannabis Merchants for Better Compliance

    Growing and dealing in cannabis was illegal a few years back. However, the medical benefits of ma...

    Banks Creating Regulations for the Cannabis Merchants for Better Compliance Explore More

    News

    UKGC Imposes EUR 780K Fine on Buzz Bingo for AML Failure

    Buzz Bingo has been fined £780,000 by the UK Gambling Commission (UKGC) for social responsibility...

    UKGC Imposes EUR 780K Fine on Buzz Bingo for AML Failure Explore More

    News

    FSA Imposed £247,324 Fine on Standard Bank for “Serious Regulatory Failings”

    The Isle of Man Financial Services Authority (IOMFSA) has imposed EUR 247,324 fine on Standard Li...

    FSA Imposed £247,324 Fine on Standard Bank for “Serious Regulatory Failings” Explore More

    News

    SRA Receives Fewer AML Violation Reports from England & Wales Despite Sanctions Drive

    Anti Money Laundering (AML) violations in England & Wales reported to the Solicitors Regulati...

    SRA Receives Fewer AML Violation Reports from England & Wales Despite Sanctions Drive Explore More

    News

    Medical Testing Postpones Money Launderer’s Sentencing

    The conviction of Mark Scott, a licensed advocate involved in laundering $400 million for the unp...

    Medical Testing Postpones Money Launderer’s Sentencing Explore More

    News

    Guyana Joins Sister Caribbean Countries to Stop Money Laundering

    “Guyana has joined the Caribbean network to counter money laundering and introduced a global fina...

    Guyana Joins Sister Caribbean Countries to Stop Money Laundering Explore More

    News

    GFI Study Reveals Weak AML/CFT Measures in Latin America and the Caribbean

    The latest study by Global Financial Integrity (GFI) revealed that the Caribbean and Latin Americ...

    GFI Study Reveals Weak AML/CFT Measures in Latin America and the Caribbean Explore More

    News

    EU Parliament Approves More Stringent Rules to Combat Money Laundering and Terrorist Financing

    The latest EU Parliament vote approves the formation of a new anti-money laundering authority and...

    EU Parliament Approves More Stringent Rules to Combat Money Laundering and Terrorist Financing Explore More

    News

    Malta’s Justice Minister Ammends Legal Framework to Lighten Financial Crime Proceedings

    Malta’s Justice Minister announces amendments in the court proceedings for financial crimes...

    Malta’s Justice Minister Ammends Legal Framework to Lighten Financial Crime Proceedings Explore More

    News

    FIAU Imposed a Fine of €130,000 on Olimp Limited for AML Failures

    Olimp Limited has dropped its gaming license since FIAU imposed €130,000 fine on the company for ...

    FIAU Imposed a Fine of €130,000 on Olimp Limited for AML Failures Explore More

    News

    SFC Issues Warning on Unregulated Virtual Asset Platforms

    Binance has announced that stock tokens will no longer be available on its website for purchase a...

    SFC Issues Warning on Unregulated Virtual Asset Platforms Explore More

    News

    FATF Publishes 35 New Indicators Against Trade-based Money Laundering

    Financial Action Task Force (FATF) and Egmont group has published a new report on risk-indicators...

    FATF Publishes 35 New Indicators Against Trade-based Money Laundering Explore More

    News

    “Crypto Should Be Regulated, Not Prohibited”, Says ECB Vice President

    After his statement in May that declared cryptocurrencies as a risky investment, the Vice Preside...

    “Crypto Should Be Regulated, Not Prohibited”, Says ECB Vice President Explore More

    News

    Online fraudsters steal £17m over COVID-19 lockdown

    About £17 million have been lost due to online fraud over the Coronavirus lockdown period with yo...

    Online fraudsters steal £17m over COVID-19 lockdown Explore More

    News

    Cybercrime to Surge in Cryptocurrency Even in Post COVID-19 Economy

    According to a report by Kaspersky Lab about cybersecurity and antivirus, in the post-COVID-19 wo...

    Cybercrime to Surge in Cryptocurrency Even in Post COVID-19 Economy Explore More

    News

    Two Bank Workers Banned by Central Bank in the Philippines for Wirecard Fraud

    Two bank workers, involved in issuing fake documents, have been banned by the Central Bank. The a...

    Two Bank Workers Banned by Central Bank in the Philippines for Wirecard Fraud Explore More

    News

    Reports Reveal NAB Contract Workers Received Little to No AML Training

    The disclosure follows AUSTRAC’s recent launch of a formal investigation into NAB earlier this mo...

    Reports Reveal NAB Contract Workers Received Little to No AML Training Explore More

    News

    EBA Restricts Diamantaires from Banking Services to Curb ML/TF Risk

    Financial institutions restricting diamond dealers from banking services to comply with EU’s 2015...

    EBA Restricts Diamantaires from Banking Services to Curb ML/TF Risk Explore More

    News

    ECB Will Be Launching Digital Euro Project

    An electronic equivalent of banknotes and coins, the digital euro will likely be a digital wallet...

    ECB Will Be Launching Digital Euro Project Explore More

    News

    FCA Takes NatWest to Court over Money Laundering Charges

    The National Westminster Bank has been accused of neglecting the anti-money laundering regulation...

    FCA Takes NatWest to Court over Money Laundering Charges Explore More

    News

    Anonymous Report Reveals Indian Indiscriminate Targeting Against NGOs

    According to the shadow report, India has been indiscriminately targeting non-governmental organi...

    Anonymous Report Reveals Indian Indiscriminate Targeting Against NGOs Explore More

    News

    UK Government to Crackdown Corruption Under New AML laws

    Overseas firms owning land in the UK need to publicly declare the owners, under the new UK laws t...

    UK Government to Crackdown Corruption Under New AML laws Explore More

    News

    14 Arrested in Money-Laundering Crackdown, Over HK$300 Million Seized

    Hong Kong police carried out a crackdown on money laundering groups, 14 arrested and HK$300 milli...

    14 Arrested in  Money-Laundering Crackdown, Over HK$300 Million Seized Explore More

    News

    FinCEN Calls in Bankers to Assess AML/CFT Risks in DeFi

    The Financial Crimes Enforcement Network (FinCEN) is focusing on DeFi oversight as government bod...

    FinCEN Calls in Bankers to Assess AML/CFT Risks in DeFi Explore More

    News

    Cabinet Pressurizing BVI to Improve its Financial Laws

    Many international financial regulatory bodies have pointed fingers at BVI’s financial service in...

    Cabinet Pressurizing BVI to Improve its Financial Laws Explore More

    News

    FATF to Blacklist Uganda Over Money Laundering

    The Executive Director of the Finance Intelligence Authority, Sydney Asubo stated that the FATF h...

    FATF to Blacklist Uganda Over Money Laundering Explore More

    News

    AMLC Demands Rigid Security Measures for Non-Compliant Businesses in the Philippines

    The Anti-Money Laundering Council (AMLC) is pushing for more strict due diligence measures on del...

    AMLC Demands Rigid Security Measures for Non-Compliant Businesses in the Philippines Explore More

    News

    IAMAI To Set Up A Board To Ensure Voluntary Compliance With AML & KYC

    New Delhi: On Tuesday, June 1st, the Internet and Mobile Association of India (IAMAI), announced ...

    IAMAI To Set Up A Board To Ensure Voluntary Compliance With AML & KYC Explore More

    News

    FATF says governments ineffective in stopping money-laundering

    According to David Lewis, Executive Secretary, Financial Action Task Force (FATF), governments ar...

    FATF says governments ineffective in stopping money-laundering Explore More

    News

    AFP Investigates Money Laundering Tactics Employed by Criminals in 2021

    The Australian Federal Police is highlighting the hidden channels used by money launderers in 202...

    AFP Investigates Money Laundering Tactics Employed by Criminals in 2021 Explore More

    News

    UAE adopts digital identity and blockchain to fight COVID-19

    Taking into account the recent Coronavirus outbreak, UAE’s Ministry of Community Development (MOC...

    UAE adopts digital identity and blockchain to fight COVID-19 Explore More

    News

    Shufti is nominated for ‘Oustanding Product/ Service’

    Global business excellence awards nominated Shufti for the category of outstanding product/ s...

    Shufti is nominated for ‘Oustanding Product/ Service’ Explore More

    News

    AMLC Downgrades Terror Financing Risks in the Philippines From High to Medium-High

    According to the anti-money laundering council, the Philippines’ terrorist and terrorism fi...

    AMLC Downgrades Terror Financing Risks in the Philippines From High to Medium-High Explore More

    News

    30 Swiss Banks Failed Money Laundering Regulatory Analysis Test

    The Swiss financial regulatory authorities overviewed the security of the banking sector and noti...

    30 Swiss Banks Failed Money Laundering Regulatory Analysis Test Explore More

    News

    NGOs Advised on Due Diligence to Tackle Terrorism Financing

    The Financial Crimes Commission’s SCUML has advised Non-Governmental Organizations (NGOs) to cond...

    NGOs Advised on Due Diligence to Tackle Terrorism Financing Explore More

    News

    SFC Imposed a HK$9 Fine on RIFA Future for KYC Failings

    RIFA Limited was charged by the domestic regulatory authority of Hong Kong, the Securities and Fu...

    SFC Imposed a HK$9  Fine on RIFA Future for KYC Failings Explore More

    News

    The Czech Republic Government Amends Beneficial Ownership Law to Meet AML Obligations

    The Czech Republic government revised Beneficial Ownership Law upon the European Commission’...

    The Czech Republic Government  Amends  Beneficial Ownership Law to Meet AML Obligations Explore More

    News

    SFMS Reports Blocking Russian Crypto Exchanges

    Ukraine’s financial monitoring agency has restricted access to several online crypto exchan...

    SFMS Reports Blocking Russian Crypto Exchanges Explore More

    News

    Morocco’s Parliament Unanimously Approves the Bill to Amend AML Regulations

    The House of Representatives of Morocco has unanimously agreed to pass the bill to amend the anti...

    Morocco’s Parliament Unanimously Approves the Bill to Amend AML Regulations Explore More

    News

    National Treasury of Kenya Urges Companies to Hire Anti-Money Laundering Officers

    Kenya’s National Treasury Department forced financial and specified non-financial institutes to o...

    National Treasury of Kenya Urges Companies to Hire Anti-Money Laundering Officers Explore More

    News

    With Rising Fintech Adoption, FI’s are Investing in AI for AML Compliance: Report

    Reduced rates of false positives and the resulting decline in operational costs have caused an in...

    With Rising Fintech Adoption, FI’s are Investing in AI for AML Compliance: Report Explore More

    News

    Germany and Austria to Adopt Digital KYC for Customer Onboarding

    Banks and financial institutions are always searching for ways to impress the customers and the d...

    Germany and Austria to Adopt Digital KYC for Customer Onboarding Explore More

    News

    Beware: Vaccine-phishing scams have risen by 500 percent

    Vaccine-phishing scams have increased by 530 per cent, as stated by a new study by Unit 42, the P...

    Beware: Vaccine-phishing scams have risen by 500 percent Explore More

    News

    Crypto Exchange Binance Banned by UK’s Financial Watchdog

    Britain’s financial regulator, the FCA (Financial Conduct Authority) has said that Binance is no ...

    Crypto Exchange Binance Banned by UK’s Financial Watchdog Explore More

    News

    Landry’s Inc. warns customers of the potential data breach

    Landry’s Inc., a parent company of more than 60 restaurant chains, installed a payment processing...

    Landry’s Inc. warns customers of the potential data breach Explore More

    News

    US Treasury Holds Back AML Reforms Despite Money Laundering Through Art Industry

    The US Treasury Department has found the country’s art market to be vulnerable to financial crime...

    US Treasury Holds Back AML Reforms Despite Money Laundering Through Art Industry Explore More

    News

    EU to Disclose the Names of the Non-Compliant Banks

    EBA, The European Banking Authority is setting up a database to highlight the names of banks and ...

    EU to Disclose the Names of the Non-Compliant Banks Explore More

    News

    Hong Kong further strengthens its Cryptocurrency regulations

    Paul Chan, the Financial Secretary of Hong Kong, stated that the country was considering to stren...

    Hong Kong further strengthens its Cryptocurrency regulations Explore More

    News

    FINTRAC Issues Alert on Money Laundering from Illegal Wildlife Trade

    FINTRAC, in collaboration with the Project Anton team, issues an alert on money laundering procee...

    FINTRAC Issues Alert on Money Laundering from Illegal Wildlife Trade Explore More

    News

    Interpol Warns of the Rise in Romance Scams as Valentine’s Day Approaches

    According to the Interpol, there is a new investment scam on the rise that is targeting the datin...

    Interpol Warns of the Rise in Romance Scams as Valentine’s Day Approaches Explore More

    News

    Guyana Holds US-Sponsored Conference to Examine Asset Recovery and Money Laundering Issues

    The Judiciary of Guyana organised a two-day conference in collaboration with the US Department of...

    Guyana Holds US-Sponsored Conference to Examine Asset Recovery and Money Laundering Issues Explore More

    News

    Poloniex Agrees to Pay $7.6M in Settlement of Sanctions Violations

    In a settlement with the Office of Foreign Asset Control (OFAC), Poloniex LLC, a former subsidiar...

    Poloniex Agrees to Pay $7.6M in Settlement of Sanctions Violations Explore More

    News

    Star Entertainment Group Hit with Record Fine of $100M for Money Laundering

    Australia’s gambling giant Star Entertainment Group has been charged $100 million for failing to ...

    Star Entertainment Group Hit with Record Fine of $100M for Money Laundering Explore More

    News

    Research for Implications of CBDC on the Rise in Australia

    As of the November 2 announcement of the Reserve Bank of Australia, the country has partnered wit...

    Research for Implications of CBDC on the Rise in Australia Explore More

    News

    Zipmex Crypto Trading Platform Suspends All Activities in Thailand

    Zipmex cryptocurrency exchange firm withdrew all activities in Thailand until 31st January 2024 t...

    Zipmex Crypto Trading Platform Suspends All Activities in Thailand Explore More

    News

    Banks Creating Regulations for the Cannabis Merchants for Better Compliance

    Growing and dealing in cannabis was illegal a few years back. However, the medical benefits of ma...

    Banks Creating Regulations for the Cannabis Merchants for Better Compliance Explore More

    News

    BBB Warns About the Potential Scams Fuelled by the COVID Vaccine Passports

    As people around the world are increasingly becoming vaccinated, the concern about the vaccine pa...

    BBB Warns About the Potential Scams Fuelled by the COVID Vaccine Passports Explore More

    News

    Jamaica Nears Full Compliance by Meeting 37 of 40 FATF Recommendations

    Jamaica now complies with 37 out of 40 FATF recommendations for better prevention of financial cr...

    Jamaica Nears Full Compliance by Meeting 37 of 40 FATF Recommendations Explore More

    News

    Manitoba Expands Criminal Property Forfeiture Branch to Counter Money Laundering

    The Manitoba government is expanding the Criminal Property Forfeiture (CPF) branch as part of its...

    Manitoba Expands Criminal Property Forfeiture Branch to Counter Money Laundering Explore More

    News

    Ireland Campaigns to make Dublin the EU AML Authority Headquarter

    A team was established in the Department of Finance by the Irish government to campaign for Dubli...

    Ireland Campaigns to make Dublin the EU AML Authority Headquarter Explore More

    News

    Colombia Releases New Regulations For Crypto Firms Operating in the Country

    The Colombian government passed new drafts for the local crypto organisations to continue operati...

    Colombia Releases New Regulations For Crypto Firms Operating in the Country Explore More

    News

    FATF’s New Regulations Will Help Sanctions Find Russian Targets

    The Financial Action Task Force’s drive to eliminate the anonymity of corporate beneficiaries mak...

    FATF’s New Regulations Will Help Sanctions Find Russian Targets Explore More

    News

    UK Exposed to Significant Trade-based Money Laundering Risks Post-Brexit

    Risks related to trade-based money laundering in the UK are expected in the upcoming years, accor...

    UK Exposed to Significant Trade-based Money Laundering Risks Post-Brexit Explore More

    News

    AML and Crypto Fines Surge to £4bn in Regulatory Crackdown

    The global AML fines surged 53% in 2022, while crypto fines rose over 90% as regulators cracked d...

    AML and Crypto Fines Surge to £4bn in Regulatory Crackdown Explore More

    News

    Cyprus Makes Progress in Implementing AML Measures

    There has been “slight progress” made by Cyprus in implementing anti-money laundering measures, b...

    Cyprus Makes Progress in Implementing AML Measures Explore More

    News

    U.S. Schools and Colleges Witness a Rise in Data Breaches

    Data breaches and cyberattacks continue to grow and now targeting the education sector. Amid the ...

    U.S. Schools and Colleges Witness a Rise in Data Breaches Explore More

    News

    People’s Bank of China to Monitor Metaverse and NFTs

    The Chinese financial watchdogs are all set to expand cryptocurrency crackdown as Gou Wenjun sugg...

    People’s Bank of China to Monitor Metaverse and NFTs Explore More

    News

    Cryptocurrency criminals are lurking on Youtube

    Cryptocurrency criminals are lurking on YouTube, a recent lawsuit filed by Apple co-founder Steve...

    Cryptocurrency criminals are lurking on Youtube Explore More

    News

    US Court Sentences Nigerian FinTech Executives for Money Laundering Worth $167 Million

    The US Court jails the Fintech Executives of Nigeria over a Money Laundering Case comprising $167...

    US Court Sentences Nigerian FinTech Executives for Money Laundering Worth $167 Million Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started