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

    216.73.216.68

    FinCEN and OCC Fine Texas Bank $9 Million for BSA-AML Violations

    ficen and occ

    A Texas community bank was fined by the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) for BSA-AML violations.

    As per the consent order from the OCC, a $1 million civil monetary penalty was issued due to the bank’s failure to implement an internal control system to ensure compliance with the Bank Secrecy Act. As a result, the bank was found to violate the 12 C.F.R and 21.21(d)(1) of the BSA.

    The bank also failed to investigate and determine suspicious activities related to financial crime and violated suspicious activity reporting requirements under 12 C.F.R and 21.11. According to these requirements, financial institutions must inform FinCEN of suspicious activities involving insiders or transactions that exceed a specific threshold.

    Between June 2016 and June 2021, the OCC alleged that the bank did not report suspicious activity reports of approximately $100 million of suspicious transactions. At the same time, FinCEN also issued an $8 million civil money penalty for the same violations between 2015 and 2019.

    The FinCEN consent order is more detailed regarding the violations, where the bank was caused to “willfully” fail in reporting at least 17 suspicious activity reports (SARs). The missed SARs were meant to cover at least three groups of the bank’s customers who were previously charged for financial crimes with transactions involving their accounts at the bank.

    Based on the order from FinCEN, the bank’s understaffed AML department had failed to sufficiently investigate the suspicious activities. Moreover, the bank also failed to update their customer due diligence (CDD) questionnaires when required.

    In violation of the bank’s policies, the AML staff obtained the CDD information from the account officers rather than the customers. Even when suspicious activity reports were filed, there were no further investigations into the cases. 

    Suggested read: DHS 19.5 Million Fine Imposed on UAE Banks for AML Failings

    Related Posts

    News

    Malta-based Pilatus Bank Fined €5m Over AML & Terrorism Breaches

    Pilatus Bank failed on various accounts, including identity verification of customer businesses, ...

    Malta-based Pilatus Bank Fined €5m Over AML & Terrorism Breaches Explore More

    News

    TSB Fined $3.5M on Account of Four AML Breaches

    New Zealand’s High Court has fined Trustee Savings Bank (TSB) Ltd NZD 3.5 million following the b...

    TSB Fined $3.5M on Account of Four AML Breaches Explore More

    News

    Banks Warned about Cryptocurrency Risk Exposure by FinCEN Director

    During a virtual anti-money laundering conference by ACAMS in Las Vegas earlier this week, FinCEN...

    Banks Warned about Cryptocurrency Risk Exposure by FinCEN Director Explore More

    News

    EFCC Urges DNFBPs to Align Operations with Newly Enacted Money Laundering Prohibition and Prevention Act 2022

    EFCC has called on designated non-financial businesses and professions to conduct their dealings ...

    EFCC Urges DNFBPs to Align Operations with Newly Enacted Money Laundering Prohibition and Prevention Act 2022 Explore More

    News

    Bank of Spain Issues New Cryptocurrency Regulations

    Virtual asset service providers, banks, and other financial institutions are now required to regi...

    Bank of Spain Issues New Cryptocurrency Regulations Explore More

    News

    SRA Fines Scarborough Law Firm for Long-term AML Compliance Failures

    The Solicitors Regulation Authority (SRA) has fined Scarborough law firm Pinkney Grunwells Lawyer...

    SRA Fines Scarborough Law Firm for Long-term AML Compliance Failures Explore More

    News

    Homeland Security expects to have biometric data on nearly 260 million people

    The US Department of Homeland Security (DHS) will soon have face, fingerprint and iris scans of a...

    Homeland Security expects to have biometric data on nearly 260 million people Explore More

    News

    New Zealand Forces Banks To Strengthen Their Security Measures

    New Zealand’s parliamentary committee has urged banks and financial institutes to bolster their s...

    New Zealand Forces Banks To Strengthen Their Security Measures Explore More

    News

    Cyprus Updates Money Laundering Measures to Supervise Crypto Platforms

    Cyprus reshaped its anti-money laundering measures by amending the “Prevention and Suppression of...

    Cyprus Updates Money Laundering Measures to Supervise Crypto Platforms Explore More

    News

    Sri Lanka Central Bank to Take Criminal Action Against Suspects of $47 Million Crypto Scam

    The Central Bank of Sri Lanka is considering criminally prosecuting operators of a Sports Chain c...

    Sri Lanka Central Bank to Take Criminal Action Against Suspects of $47 Million Crypto Scam Explore More

    News

    EU Limits Use of Cash and Cryptocurrency to Curb Financial Fraud

    The European Union (EU) has issued new measures to limit use of cash and cryptocurrencies to tack...

    EU Limits Use of Cash and Cryptocurrency to Curb Financial Fraud Explore More

    News

    Digital Payment Providers Collaborate with UBA to Combat Scams in the Financial Sector

    The National Payment Systems Services Association has collaborated with Uganda Bankers Associatio...

    Digital Payment Providers Collaborate with UBA to Combat Scams in the Financial Sector Explore More

    News

    Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance

    The Cyprus Securities and Exchange Commission (CySEC) warned the Cyprus Investment Firms (CIFs)  ...

    Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance Explore More

    News

    Chinese Police Seize $124M Money Laundering Scam in Zunyi City

    The money laundering gang was able to conceal its fraudulent activities for a while by using 500 ...

    Chinese Police Seize $124M Money Laundering Scam in Zunyi City Explore More

    News

    BANGKO SENTRAL ng Pilipinas (BSP) Cancels Licences of Two Firms

    THE BANGKO SENTRAL ng Pilipinas (BSP) has cancelled two virtual asset service provider (VASP) fir...

    BANGKO SENTRAL ng Pilipinas (BSP) Cancels Licences of Two Firms Explore More

    News

    EU Money Laundering Overhaul Should Include NFT Platforms, Lawmakers Say

    The two crypto legislation adopted last week did not include unhosted wallets and decentralised f...

    EU Money Laundering Overhaul Should Include NFT Platforms, Lawmakers Say Explore More

    News

    Sri Lanka’s blockchain KYC platform to initiate ‘Shortly’: Central Bank

    According to Daily Mirror Online, the Monetary Board has now finalized three software development...

    Sri Lanka’s blockchain KYC platform to initiate ‘Shortly’: Central Bank Explore More

    News

    EU Suggests Blacklisting UAE Following “Dubai Uncovered” Leaks

    The EU has suggested blacklisting UAE under the “Dubai Uncovered” leaks depicting how sanctioned ...

    EU Suggests Blacklisting UAE Following “Dubai Uncovered” Leaks Explore More

    News

    59 Arrested in Vietnam Crackdown on Illegal Crypto Gambling Group

    Law enforcement bodies arrested 59 Vietnamese in illicit gambling schemes and were suspected of $...

    59 Arrested in Vietnam Crackdown on Illegal Crypto Gambling Group 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

    UAE to Issue Federal Licenses to VASPs in Efforts to Embrace Crypto

    The UAE is gearing up to issue federal licenses to virtual asset providers (VASPs) within a matte...

    UAE to Issue Federal Licenses to VASPs in Efforts to Embrace Crypto Explore More

    News

    Rapstar Captured for His Role in Wire Fraud Scheme

    A famous rapper from Chicago with his crew members was caught and charged in court for using the ...

    Rapstar Captured for His Role in Wire Fraud Scheme Explore More

    News

    Money Laundering Concerns Prompt Hong Kong Banks to Reject Crypto Transactions

    Despite the Hong Kong government’s encouragement, two banks have rejected crypto activities...

    Money Laundering Concerns Prompt Hong Kong Banks to Reject Crypto Transactions Explore More

    News

    Centra Tech’s Operator Sentenced a Year in Prison for ICO Fraud

    Robert Farkas has been arrested and charged with the lightest sentenced felony for his part in Ce...

    Centra Tech’s Operator Sentenced a Year in Prison for ICO Fraud Explore More

    News

    FATF to Conduct Checks & ‘Gray List’ Countries to Enforce Crypto AML Regulations

    Global financial watchdog FATF has planned to perform checks and ‘grey list’ countries to ensure ...

    FATF to Conduct Checks & ‘Gray List’ Countries to Enforce Crypto AML Regulations Explore More

    News

    Money Laundering Becomes Another Cause of Poverty, Says UN

    According to the latest UN’s report, over 10% of the world’s wealth could be hidden in overseas b...

    Money Laundering Becomes Another Cause of Poverty, Says UN Explore More

    News

    Instagram is Adding Age Verification to Protect Minors

    Instagram is adding age verification in order to provide a safer online community to the minors. ...

    Instagram is Adding Age Verification to Protect Minors Explore More

    News

    Revised Financial Regulations in South Korea Now Covers Crypto Investors

    The financial regulators in South Korea announced that domestic crypto investors would be covered...

    Revised Financial Regulations in South Korea Now Covers Crypto Investors Explore More

    News

    Danske Bank Revamps Compliance Measures After Money-Laundering Scandal

    Danske Bank A/S was engulfed by a money-laundering scandal in 2018 among other banks in the Nordi...

    Danske Bank Revamps Compliance Measures After Money-Laundering Scandal 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

    Australian Federal Police Issues Warning on Valentine’s Day Financial Scams

    Australian authorities have warned the public of new Valentine’s Day scams aimed at singles...

    Australian Federal Police Issues Warning on Valentine’s Day Financial Scams Explore More

    News

    8.3 million users affected in ‘Freepik data breach’

    Freepik, a free photo and graphics site, has disclosed a major data breach that affected nearly 8...

    8.3 million users affected in ‘Freepik data breach’ Explore More

    News

    UAE Banks Asked to Strengthen their AML/CFT Measures

    UAE financial institutions and the banks are required to prioritize eliminating money laundering ...

    UAE Banks Asked to Strengthen their AML/CFT Measures Explore More

    News

    Shufti Introduces AI-Based OCR for Better Customer Verification

    Verifying customers is the goal of our clients and we believe in providing the best solutions. Th...

    Shufti Introduces AI-Based OCR for Better Customer Verification Explore More

    News

    GBA to Organize Two-day Training Workshop for Addressing AML and CFT Concerns

    GBA concluded a workshop on AML and terrorist financing concerns to avoid any possible threats of...

    GBA to Organize Two-day Training Workshop for Addressing AML and CFT Concerns Explore More

    News

    Singapore Taking New Actions Against Terror Financing and Money Laundering

    Singapore’s Parliament took improved measures against the financing of terrorism and money launde...

    Singapore Taking New Actions Against Terror Financing and Money Laundering Explore More

    News

    Guyana Strengthens Judicial Officers Ability to Combat Financial Crime

    Guyana’s government started asset recovery training for the judicial officers to boost their capa...

    Guyana Strengthens Judicial Officers Ability to Combat Financial Crime Explore More

    News

    Europol & Budapest Police Arrest Criminal Group for Laundering EUR 44 Million

    The Budapest Metropolitan Police along with Europol have arrested a criminal group involved in mo...

    Europol & Budapest Police Arrest Criminal Group for Laundering EUR 44 Million Explore More

    News

    OCBC Fines Money Laundering Suspect $19.7million

    The Oversea-Chinese Banking Corporation (OCBC) has fined the individuals involved in Singapore’s ...

    OCBC Fines Money Laundering Suspect $19.7million Explore More

    News

    US Officials Visit Iraq to Lessen Currency Crisis, Says Central Bank Governor

    Iraq’s currency may get uplifted after the meeting between the US top treasury officer and the he...

    US Officials Visit Iraq to Lessen Currency Crisis, Says Central Bank Governor Explore More

    News

    US Launches National Cryptocurrency Enforcement Team

    The National Cryptocurrency Enforcement Team will aid the US Department of Justice (DOJ) in disma...

    US Launches National Cryptocurrency Enforcement Team 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

    Another Step Taken by the EU to Harmonize AML Rules

    The European Banking Authority has proposed new guidance for compliance officers. The attempt is ...

    Another Step Taken by the EU to Harmonize AML Rules Explore More

    News

    IMF Seeks Tighter Checks on Kenyan Banks Amid Money Laundering Concerns

    The International Monetary Fund (IMF) is tightening the checks to prevent money laundering and wa...

    IMF Seeks Tighter Checks on Kenyan Banks Amid Money Laundering Concerns Explore More

    News

    NY’s Attorney General Warns the Crypto Industry Against Illicit Activities

    Letitia James, Newyork’s Attorney General, has sent a clear message to the entire crypto industry...

    NY’s Attorney General Warns the Crypto Industry Against Illicit Activities Explore More

    News

    South African Government Passes Key AML and CFT Laws to Fight Financial Crimes

    South African government passes two significant laws to implement Anti Money Laundering and Count...

    South African Government Passes Key AML and CFT Laws to Fight Financial Crimes Explore More

    News

    Scammers Set to Defraud this Holiday Season, FBI Warns!

    This holiday season, New Mexican shoppers are at risk of facing scammers. Criminals are all set t...

    Scammers Set to Defraud this Holiday Season, FBI Warns! Explore More

    News

    Money Laundering Cases Doubled in the Past Six Years – Eurojust Report

    Eurojust has recorded around 3000 cases of cross-border money laundering over the last six years....

    Money Laundering Cases Doubled in the Past Six Years – Eurojust Report Explore More

    News

    Cryptocurrencies Need Regulation to Prevent Money Laundering, Says Singapore Minister

    A panel of regulators and bankers at the World Economic Forum stated that cryptocurrency need to ...

    Cryptocurrencies Need Regulation to Prevent Money Laundering, Says Singapore Minister Explore More

    News

    Scottish Firm Blacklisted by the World Bank for Fraudulent Practices

    An anonymously owned Scottish firm has been blacklisted by the World Bank for being involved in f...

    Scottish Firm Blacklisted by the World Bank for Fraudulent Practices Explore More

    News

    Filipino crypto scammers are impersonating government officials for profit

    A Filipino finance entity warns against the supposed crypto Ponzi scheme Bitcoin Revolution, blam...

    Filipino crypto scammers are impersonating government officials for profit Explore More

    News

    UK Convicts 11 Couriers for Conspiring to Launder $124 Million in Cash to Dubai

    An investigation conducted by the UK’s National Crime Agency led to the conviction of 11 co...

    UK Convicts 11 Couriers for Conspiring to Launder $124 Million in Cash to Dubai Explore More

    News

    ODJFS Makes Efforts Against Fraud Schemes, Calling for Improved Safeguards

    The Ohio Department of Jobs and Family Services (ODJFS) has estimated that approximately $506 mil...

    ODJFS Makes Efforts Against Fraud Schemes, Calling for Improved Safeguards Explore More

    News

    Bithumb, Coinone and Korbit Team Up for FATF Travel Rule Compliance

    Bithumb, Coinone and Korbit have founded a joint venture to facilitate all efforts for maintainin...

    Bithumb, Coinone and Korbit Team Up for FATF Travel Rule Compliance Explore More

    News

    G-20 impels countries to adopt tough FATF Regulations on Cryptocurrencies

    Bankers and finance ministers in the G-20 (Group of Twenty) are urging for greater acceptance of ...

    G-20 impels countries to adopt tough FATF Regulations on Cryptocurrencies Explore More

    News

    Ransomware Targets Outdated Microsoft Excel Macros to Deploy Attacks

    Microsoft Security Intelligence notified users of a type of ransomware, called Avaddon, that uses...

    Ransomware Targets Outdated Microsoft Excel Macros to Deploy Attacks Explore More

    News

    Shufti Introduces AI-Based OCR for Better Customer Verification

    Verifying customers is the goal of our clients and we believe in providing the best solutions. Th...

    Shufti Introduces AI-Based OCR for Better Customer Verification Explore More

    News

    Ukraine Issues 14 Million Biometric Passports

    According to Ukrinform, more than 14 million biometric passports have been issued in Ukraine so f...

    Ukraine Issues 14 Million Biometric Passports Explore More

    News

    Regulators in Hong Kong Urge Banks to Accept Cryptocurrencies

    Hong Kong banks are worried about regulatory repercussions for their crypto clients if money laun...

    Regulators in Hong Kong Urge Banks to Accept Cryptocurrencies Explore More

    News

    Germany to Form a new Anti-Money Laundering Agency

    Germany is reportedly forming a new AML agency that aims to regulate sanction efforts and money l...

    Germany to Form a new Anti-Money Laundering Agency Explore More

    News

    FTX Customers File Class Action Against Bankrupt Crypto Exchange

    FTX customers had filed a class action against the bankrupt crypto exchange and its ex-CEO Sam Ba...

    FTX Customers File Class Action Against Bankrupt Crypto Exchange Explore More

    News

    Facial Recognition Market to Grow 12.5% Annually Through 2024

    According to a new report by Mordor Intelligence, the facial recognition market is expected to gr...

    Facial Recognition Market to Grow 12.5% Annually Through 2024 Explore More

    News

    FATF Urges Japan to Implement Stronger AML Measures

    The FATF mutual evaluation report on Japan proposes the formation of a joint-agency body to enhan...

    FATF Urges Japan to Implement Stronger AML Measures Explore More

    News

    Seychelles Prosecutes First Money Laundering Case Against Elites from Pandora Papers

    Seychelles, known for being a tax haven, was recently removed from the EU’s blacklist and is purs...

    Seychelles Prosecutes First Money Laundering Case Against Elites from Pandora Papers Explore More

    News

    Kenya’s High Court Freezes Sh15 Billion Over Suspected Crime and Money Laundering

    The High Court of Kenya has frozen more than Sh15 billion over suspected proceeds of Money Launde...

    Kenya’s High Court Freezes Sh15 Billion Over Suspected Crime and Money Laundering Explore More

    News

    Coronavirus affects challenger banks as app downloads decline

    According to Finbold, top challenger banks in the United Kingdom have noticed a sudden decline in...

    Coronavirus affects challenger banks as app downloads decline Explore More

    News

    NDAA Passed to Strengthen the Financial Crime Monitoring in the USA

    The House of Representatives has passed the National Defense Authorization Act to strengthen the ...

    NDAA Passed to Strengthen the Financial Crime Monitoring in the USA Explore More

    News

    Facebook’s Libra is a Failure in its Current Form says Swiss President

    According to the Swiss President, the controversial project by Facebook has ‘failed’ in its curre...

    Facebook’s Libra is a Failure in its Current Form says Swiss President Explore More

    News

    Nepal Approves Anti-Money Laundering Bill to Comply with International Standards

    Nepal endorsed an anti-money laundering bill as the initial step to combat financial crime and en...

    Nepal Approves Anti-Money Laundering Bill to Comply with International Standards Explore More

    News

    China Pledges “Zero Tolerance” for Financial Fraud

    Top financial regulators in China pledged to introduce stricter controls following the recent dis...

    China Pledges “Zero Tolerance” for Financial Fraud Explore More

    News

    Canada’s Federal Agencies to Consult on Anti-Money Laundering and Counter-Terrorism Measures

    The Canadian government has launched a public consultation to strengthen the country’s anti...

    Canada’s Federal Agencies to Consult on Anti-Money Laundering and Counter-Terrorism Measures Explore More

    News

    Fiat is the Top Choice of Currency for Financial Criminals, Says US Treasury

    The US Treasury Department has released a three-year report on money laundering and terrorist fin...

    Fiat is the Top Choice of Currency for Financial Criminals, Says US Treasury 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