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

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    Blog Article Image 5

    FINMA, SFC, and MAS fined multiple financial institutions over $1.5 billion for not complying with AML and CFT regulations.

    Swiss Financial Market Supervisory Authority FINMA has alleged HSBC (Suisse) SA  Private Bank for anti-money laundering failings. This resulted from enforcement proceedings conducted by the watchdog in December 2021, which focused on the bank’s relationship with anonymous Politically Exposed Persons (PEPs).

    “HSBC Private Bank (Suisse) SA operated two high-risk business relationships where it failed to carry out an adequate check of either the origins, purpose or background of the assets involved,” FINMA said in the release. “In addition, several high-risk transactions were insufficiently clarified and documented, making it impossible to establish the legitimate nature of these transactions.”

    These suspicious transactions amounted to more than $300 million and were conducted between 2002 and 2015. They involved funds originating from government institutions, which were carried out from Switzerland to Lebanon and routed back to Lebanon. According to the BSBC statement to PYMNTS, the bank plans to appeal the decision.

    “We acknowledge the matters raised by FINMA, which are historic,” the statement said. “HSBC takes its Anti-Money Laundering [AML] obligations very seriously, including complying with all laws and regulations in every market we operate. As we plan to appeal the decision, it would be inappropriate to comment further.”

    The regulatory authority stated in its press release that the Bank is obliged not to form new business relationships with PEPs until they review its AML in-house controls associated with building relationships with high-risk or PEPs, checks related to categorization of risks presented by customers, and all these factors are being confirmed by an audit agent.

    In addition, the bank is mandated to share details about the board of directors and executive management responsibilities and the criteria for assigning those details to FINMA.

    Like FINMA, the Securities and Futures Commission (SFC) of Hong Kong has also taken more strict measures against fraudsters linked to crimes such as insider trading, market manipulation, and corporate fraud. 

    Over the last 12 months, SFC has conducted 183 investigations and alleged more than 50 criminal charges against 20+ fraudsters. “We take proactive and resolute enforcement actions to protect investors, punish wrongdoers, and safeguard the reputation and integrity of our markets. Our strategic focus on high-impact cases helps us address key risks in financial markets and send strong deterrent messages,” SFC commented in the report.

    To enhance the surveillance measures, the watchdog has issued more than 4,000 requests for trading and account records from trading brokers while posting an alert for investors to make them aware of highly concentrated ownerships associated with trading stocks.

    “By leveraging our surveillance capabilities combined with data analytics, resources can now be directed towards cases of high impact and high strategic value that will have the desired deterrence effect,” the SFC said. The watchdog also states that its new investor verification system launched in 2023 has significantly impacted SFC’s ability to identify suspicious trading activities and patterns in real-time.

    “The achievements we made and valuable experience gained over the years will stand us in good stead to steer Hong Kong’s capital markets,” said the SFC’s Chairman Tim Lui. “To this end, we remain steadfast in our commitment to ensuring market integrity and resilience in the face of emerging trends and new challenges at the local, regional, and global levels.”

    Singapore has also taken strict measures to restrict criminals from manipulating the country’s banking system. Regulatory authorities have seized more than $1 billion from multiple accounts linked to 10 alleged individuals and 17 suspects in laundering illicit gains. The confiscated assets include cash, digital currencies, real estate, and other luxury items.

    This case has highlighted the significant loopholes within the country’s financial system, making it an eye-opener for the regulatory authorities to enhance regulations on hedge funds and family offices. In addition, Singapore’s financial watchdogs have increased the closure of dormant organizations as a part of drives to fight money laundering activities.

    The country is striving to curb money laundering from its financial system. Yet, it needs help to enhance its protection against crimes due to money laundering from crimes committed outside the country. Banks are identified as the most vulnerable sectors due to the widespread digital financial services offering electronic transfers.

    Despite this alarming situation, Singapore’s Monetary Authority (MAS) has significantly changed the Payment Services Act, broadening the scope to cover Digital Payment Tokens (DPTs) while bolstering user protection. Furthermore, this amendment also empowers MAS to enforce AML and CFT laws on DPT service providers.

    Suggested Read:

    https://shuftipro.com/news/nigeria-myanmar-and-turkiye-take-effective-steps-to-meet-fatf-recommendations/

    https://shuftipro.com/news/regulatory-authorities-fines-td-bank-adelaide-casino-and-sbi-over-dollar-500-million-for-aml-failings/

    https://shuftipro.com/news/mfsa-sec-along-with-fca-introduces-new-aml-guidelines-for-money-laundering-officers-and-virtual-asset-service-providers/

    Related Posts

    News

    LocalBitcoins Matching Exchange, Cited By U.S. In Bizlato Case, To Shut Down After 10 Years

    LocalBitcoins, the crypto firm named by the US treasury in the Bizlato exchange case, has announc...

    LocalBitcoins Matching Exchange, Cited By U.S. In Bizlato Case, To Shut Down After 10 Years Explore More

    News

    Lebanon Central Bank Denies Money Laundering Allegations and Embezzlement Charges

    The governor of the Lebanese central bank appeared in the first court hearing on the premise of s...

    Lebanon Central Bank Denies Money Laundering Allegations and Embezzlement Charges Explore More

    News

    Financial Regulators in China Ban Bitcoin Trading for Financial Security

    China imposed a fresh ban on the cryptocurrency sector making the price of bitcoin fall below $34...

    Financial Regulators in China Ban Bitcoin Trading for Financial Security 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

    The Law Society of Kenya Discusses Legalisation for Reporting of AML Cases

    The annual conference of the Law Society of Kenya (LSK) was held at the weekend in Diani, the Pre...

    The Law Society of Kenya Discusses Legalisation for Reporting of AML Cases Explore More

    News

    FCA Cracks Down on Various Operators Hosting Illegal Crypto Cash Machines Around Leed

    The FCA (Financial Conduct Authority) suspects many sites around Leeds of hosting illegally opera...

    FCA Cracks Down on Various Operators Hosting Illegal Crypto Cash Machines Around Leed Explore More

    News

    Sri Lankan Regulatory Authorities Enforce AML/CFT Measures to Avoid FATF Grey and Black List

    The Financial Action Task Force (FATF) started cracking down on Sri Lanka’s financial institutes ...

    Sri Lankan Regulatory Authorities Enforce AML/CFT Measures to Avoid FATF Grey and Black List Explore More

    News

    The Cayman Islands Lead Overseas Delegations Discussing Actions to be Removed from FATF’s Gray List

    The Attorney General of Cayman, Samuel Bulgin, KC, and the Minister for Financial Services and Co...

    The Cayman Islands Lead Overseas Delegations Discussing Actions to be Removed from FATF’s Gray List Explore More

    News

    Brazil to Adopt Tougher Penalties to Curb Money Laundering via Digital Currencies

    The fine for digital currency money laundering in Brazil is set to be raised to two-thirds of the...

    Brazil to Adopt Tougher Penalties to Curb Money Laundering via Digital Currencies Explore More

    News

    Sweden Points Out the Rising Cases of Money Laundering in Gaming Industry

    Financial Police of Sweden has revealed a report that highlights more than 700 cases of money lau...

    Sweden Points Out the Rising Cases of Money Laundering in Gaming Industry Explore More

    News

    BSP Warns Play-to-Earn Gamers about Potential Illicit Activities

    Online gaming platforms should employ KYC verification processes to make payments more secure.  T...

    BSP Warns Play-to-Earn Gamers about Potential Illicit Activities Explore More

    News

    US Banking Regulator Advises Federal Licensing Framework for Crypto Firms

    Brian Brooks, Chief Operating Officer of the U.S. Office of the Comptroller of the Currency (OCC)...

    US Banking Regulator Advises Federal Licensing Framework for Crypto Firms Explore More

    News

    El Salvador Must Address Bitcoin’s Risks, Demands IMF

    The IMF has urged El Salvador to address the risk associated with the adoption of bitcoin as a le...

    El Salvador Must Address Bitcoin’s Risks, Demands IMF Explore More

    News

    CBN Adds Cameroon, Croatia, Korea, and Vietnam to Money Laundering Watchlist

    A circular issued to Deposit Money Banks (DMBs) states the Central Bank of Nigeria has added Came...

    CBN Adds Cameroon, Croatia, Korea, and Vietnam to Money Laundering Watchlist 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

    AUSTRAC, Home Affairs Say Tech Capability Not There Yet for Crypto Travel Rule

    While it is understood that the crypto Travel Rule will prove to be a ‘game changer’,...

    AUSTRAC, Home Affairs Say Tech Capability Not There Yet for Crypto Travel Rule Explore More

    News

    UK Mandates Enhanced Due Diligence on High-Risk Jurisdiction

    Authorities in the UK rolls our new regulatory measures to perform enhanced due diligence for hig...

    UK Mandates Enhanced Due Diligence on High-Risk Jurisdiction Explore More

    News

    Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure

    The gambling operator, Resorts World Sentosa (RWS), was fined by Singapore’s Gambling Regulatory ...

    Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure Explore More

    News

    FBI Reveals North Korea’s Lazarus Group Involvement in $41 Million Stake Hack

    US Federal Bureau Investigation (FBI) has revealed that the North Korean hacking group, Lazarus, ...

    FBI Reveals North Korea’s Lazarus Group Involvement in $41 Million Stake Hack Explore More

    News

    Over a Million T-Mobile Customers Affected By a Data Breach

    T-mobile suffered a data breach earlier this month, the company confirmed this on their website t...

    Over a Million T-Mobile Customers Affected By a Data Breach Explore More

    News

    NSW Gambling Laws Increase Risks of Money Laundering, Says the State’s Crime Commission

    The New South Wales Crime Commission says that some of the state’s gambling laws have increased t...

    NSW Gambling Laws Increase Risks of Money Laundering, Says the State’s Crime Commission Explore More

    News

    Canada to Establish Beneficial Ownership Registry to Fight Financial Crimes

    The Candian Federal budget has brought good news for the supporters of anti-money laundering. The...

    Canada to Establish Beneficial Ownership Registry to Fight Financial Crimes 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

    UK to Set up CBDC Taskforce to Analyze the Possibility of ‘Britcoin’

    The Bank of England along with the British Government plans to set up a task force to create digi...

    UK to Set up CBDC Taskforce to Analyze the Possibility of ‘Britcoin’ Explore More

    News

    Nigerian Central Bank Announces Latest Guidelines to Combat Money Laundering

    The Central Bank of Nigeria ordered all customers to link their Bank Verification Number (BVN) an...

    Nigerian Central Bank Announces Latest Guidelines to Combat Money Laundering Explore More

    News

    Over a Million T-Mobile Customers Affected By a Data Breach

    T-mobile suffered a data breach earlier this month, the company confirmed this on their website t...

    Over a Million T-Mobile Customers Affected By a Data Breach Explore More

    News

    SRA Fines Oxfordshire Law Firm over Weak AML Controls

    The SRA (Solicitors Regulation Authority) has charged £20,000 to an Oxfordshire law firm after id...

    SRA Fines Oxfordshire Law Firm over Weak AML Controls Explore More

    News

    AML Task Force Samlit Reports Success in Keeping Fraudsters at Bay

    SA Anti-Money Laundering Integrated Task Force (Samlit) claims that it is competent in combating ...

    AML Task Force Samlit Reports Success in Keeping Fraudsters at Bay Explore More

    News

    Financial Regulators in Uganda Demands Government to Set Crypto Regulations

    Uganda’s financia regulators, Financial Intelligence Authority (FIA), want the government to take...

    Financial Regulators in Uganda Demands Government to Set Crypto Regulations Explore More

    News

    Banks Introduce Confirmation of Payee to Tackle Fraud

    The Confirmation of Payee (CoP) system was launched in October 2018 but implementation was delaye...

    Banks Introduce Confirmation of Payee to Tackle Fraud Explore More

    News

    South Africa Issues Stricter Guidelines for Crypto Traders

    To prevent the surging cases of financial crime, South Africa has introduced rigid regulations fo...

    South Africa Issues Stricter Guidelines for Crypto Traders Explore More

    News

    FINMA Allows Chip Scanning and Geolocation for Digital Customer Onboarding

    The FINMA now enables the scanning of microchips inserted in biometric ID documents as an element...

    FINMA Allows Chip Scanning and Geolocation for Digital Customer Onboarding Explore More

    News

    FCA Hints Why only 15% of Crypto Firms Received Regulatory Approval

    The UK financial watchdog has approved only 41 registration applications of crypto firms out of 3...

    FCA Hints Why only 15% of Crypto Firms Received Regulatory Approval Explore More

    News

    Crypto Mixers, Helix and Coin Ninja, Fined by FinCEN for Bank Secrecy Act Violation

    Larry Dean Harmon, founder of Helix and Coin Ninja, has been fined $60 million for being involved...

    Crypto Mixers, Helix and Coin Ninja, Fined by FinCEN for Bank Secrecy Act Violation Explore More

    News

    US to Rigorously Implement Anti-Money Laundering in Crypto

    A rule requiring cryptocurrency firms to share data about their customers will be strictly implem...

    US to Rigorously Implement Anti-Money Laundering in Crypto Explore More

    News

    Chinese Firms to Test Crypto Opportunities in Hong Kong

    Chinese Security companies and banks are attracted by Hong Kong’s retail trading in Bitcoin and E...

    Chinese Firms to Test Crypto Opportunities in Hong Kong Explore More

    News

    AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations

    The Association of Accounting Technicians (AAT) warned the UK government that reforming Anti-Mone...

    AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations Explore More

    News

    The US Securities and Exchange Commission Identifies AML Failures of US Brokerage Firms

    The Securities and Exchange Commission (SEC) has reported that compliance reviews of US brokerage...

    The US Securities and Exchange Commission Identifies AML Failures of US Brokerage Firms Explore More

    News

    Coinbase Attorney Urges SEC to Announce Crypto Rules

    Coinbase’s attorney forced the Securities and Exchange Commission (SEC) to announce a trans...

    Coinbase Attorney Urges SEC to Announce Crypto Rules Explore More

    News

    AML Council Warns Financial Institutions to Strengthen Systems for Effective Money Laundering Prevention

    Banks and financial institutions should implement a strengthened anti-money laundering system to ...

    AML Council Warns Financial Institutions to Strengthen Systems for Effective Money Laundering Prevention Explore More

    News

    FCA Issues Warning About 100+ Unregistered Crypto-asset Firms

    111 unregistered crypto-asset firms are operating from the UK. FCA warns consumers, banks, and pa...

    FCA Issues Warning About 100+ Unregistered Crypto-asset Firms Explore More

    News

    Feds Uncover $12M Money Laundering Operation Between U.S. and Dubai

    Prosecutors have uncovered a money laundering scheme dubbed “The Shadow Exchange” worth USD 12 mi...

    Feds Uncover $12M Money Laundering Operation Between U.S. and Dubai Explore More

    News

    Cybercrimes in UK have ‘doubled’ in past five years

    Large businesses remain most at target but SMBs have seen the steepest rise in successful cyber a...

    Cybercrimes in UK have ‘doubled’ in past five years Explore More

    News

    Silly Season Scams to Rise as AFP Forewarns Fake Delivery Texts

    The Australian Federal Police (AFP) has warned of fake delivery texts. Scammers use legitimate-lo...

    Silly Season Scams to Rise as AFP Forewarns Fake Delivery Texts Explore More

    News

    Russian Government Bans New Crypto Website for ‘Promoting Money Laundering’

    The Russian government has banned the new website Bits.media for allegations of promoting illicit...

    Russian Government Bans New Crypto Website for ‘Promoting Money Laundering’ Explore More

    News

    Deutsche Bank to Revise its Compliance and Risk Management Functions

    Deutsche Bank is working on reforming its compliance function and risk management measures. The b...

    Deutsche Bank to Revise its Compliance and Risk Management Functions 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

    CBUAE Introduces New Program to Boost Digital Transformation in Financial Services

    UAE Central Bank has introduced a program that includes a new digital currency, open finance and ...

    CBUAE Introduces New Program to Boost Digital Transformation in Financial Services Explore More

    News

    Coincheck customers fall victim to a data breach

    In 2018, Coincheck, the Japanese firm, fell victim to probably the largest cryptocurrency hack in...

    Coincheck customers fall victim to a data breach Explore More

    News

    Danske to face $2 billion fine for money laundering

    According to Jyske Bank, Danske will probably be fined around 13.5 billion kroner (around $2 bill...

    Danske to face $2 billion fine for money laundering Explore More

    News

    UAE Central Bank Issues New AML/CFT Guidelines for Licensed Financial Institutions

    CBUAE (Central Bank of UAE) has administered new AML/CFT guidance for Licensed Financial Institut...

    UAE Central Bank Issues New AML/CFT Guidelines for Licensed Financial Institutions Explore More

    News

    NFTs Seek to Implement KYC/AML Standards as Money Laundering Rises

    NFTs (Non-Fungible Tokens) are certainly becoming popular in the crypto industry. However, they d...

    NFTs Seek to Implement KYC/AML Standards as Money Laundering Rises Explore More

    News

    Australian Housing is the “Destination of Choice” for Money Laundering – Says Serena Lilywhite

    Weak, outdated money laundering and terrorist financing laws are creating havoc in the real estat...

    Australian Housing is the “Destination of Choice” for Money Laundering – Says Serena Lilywhite Explore More

    News

    FCA Raises Major Concerns about Investing in Non-Fungible Tokens (NFTs)

    The FCA highlighted the significant risk associated with the Non-Fungible Tokens (NFTS) which may...

    FCA Raises Major Concerns about Investing in Non-Fungible Tokens (NFTs) Explore More

    News

    Hong Kong Amends AML/CTF Laws to Include Crypto Exchanges

    Hong Kong’s legislative council has amended its Anti Money Laundering and  Countering Terrorist F...

    Hong Kong Amends AML/CTF Laws to Include Crypto Exchanges Explore More

    News

    SEC Warns Wall Street to Enhance AML Systems

    US regulatory authority, the Security and Exchange Commission (SEC), warns Wall Street brokers of...

    SEC Warns Wall Street to Enhance AML Systems Explore More

    News

    Real Estate Money Laundering Rises, KCB Dragged to Court for AML Breach

    Real Estate development and construction company Tirupati Development Limited has dragged KCB Ban...

    Real Estate Money Laundering Rises, KCB Dragged to Court for AML Breach Explore More

    News

    SEC Partners with Government Agencies and Philippines Police to Combat Money Laundering

    The SEC signed a data-sharing agreement with the Philippines police and other government agencies...

    SEC Partners with Government Agencies and Philippines Police to Combat Money Laundering Explore More

    News

    FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion

    The Financial Intelligence Unit of Liberia (FIUL) has recovered more than $284,000 from two compa...

    FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion Explore More

    News

    “Online Trading Platforms to Become a New Hub for Investment Scams” Warns FCA

    FCA warns that investment scams are increasing in the UK via online means of trading platforms an...

    “Online Trading Platforms to Become a New Hub for Investment Scams” Warns FCA Explore More

    News

    Saudi Central Bank Instruct Banks to Combat Financial Crimes

    According to the Central Bank of Saudi Arab, the fraudulent operations are linked with the money ...

    Saudi Central Bank Instruct Banks to Combat Financial Crimes Explore More

    News

    South Korea Demands Crypto Exchange Data from Banks for Tighter Regulations

    The financial regulators in South Korea are seeking crypto exchange data from the banks in order ...

    South Korea Demands Crypto Exchange Data from Banks for Tighter Regulations 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

    FCA Alerts Crypto Firms to prepare for Advertising Rule Change

    The UK Financial Watchdog has alerted all Crypto firms to be prepared for advertising rule change...

    FCA Alerts Crypto Firms to prepare for Advertising Rule Change Explore More

    News

    Chinese Firms to Test Crypto Opportunities in Hong Kong

    Chinese Security companies and banks are attracted by Hong Kong’s retail trading in Bitcoin and E...

    Chinese Firms to Test Crypto Opportunities in Hong Kong Explore More

    News

    The UK plans to levy on banks to prevent money laundering

    According to Reuters, Britain plans to announce a new levy on banks and other financial instituti...

    The UK plans to levy on banks to prevent money laundering Explore More

    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

    UAE to Demonstrate Effective Financial Crime Prevention to be Removed From FATF Gray List

    The economic secretary of the UK recently stated (April 25th, 2023) that the United Arab Emirates...

    UAE to Demonstrate Effective Financial Crime Prevention to be Removed From FATF Gray List Explore More

    News

    Vietnam’s New Legislation on E-Transactions Will Take Effect on July 2024

    The National Assembly of Vietnam passed the new e-Transaction law replacing the previous one, No....

    Vietnam’s New Legislation on E-Transactions Will Take Effect on July 2024 Explore More

    News

    Brazil’s financial regulator launches regulatory blockchain

    The Banco Central do Brasil (BC) recently declared the launching of a new blockchain platform cal...

    Brazil’s financial regulator launches regulatory blockchain Explore More

    News

    IRS Criminal Investigation Uncovers Approx. $10 Billion Worth of FinCrime

    IRS-CI FY 2021 highlighted $2.19 billion in tax fraud, $8.18 billion in financial crimes, 1497 wa...

    IRS Criminal Investigation Uncovers Approx. $10 Billion Worth of FinCrime Explore More

    News

    Biden Increases 50% Budget for FinCEN to Omit Financial Crimes

    President Joe Biden of the USA is pushing a plan for a 50% increase in the budget set aside for t...

    Biden Increases 50% Budget for FinCEN to Omit Financial Crimes 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