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

    216.73.216.152

    FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations

    n-img-FMA

    The Financial Market Authority (FMA) has issued a formal warning to Pencarrow Private Equity Management for (AML/CTF) failings. 

    The FMA found “systemic failings” in keeping customers’ personal records. As per the authority,  the records of customers who invested in the firm’s Fund V between April and July 2018 weren’t readily accessible. Moreover, Pencarrow didn’t provide data on six of the sampled client files which led to suspicion that the firm has performed sufficient Customer Due Diligence (CDD) checks. 

    Pencarrow is a Managed Investment Scheme (MIS) that provides capital to retail participants. The AML/CTF Act requires it to report to the FMA, but because it doesn’t provide services or goods to retail investors, the FMA has not granted it a licence. Pencarrow focuses on providing capital for midsized New Zealand companies.

    Although the risk of money laundering activities was low with the clients involved, the FMA said, “Pencarrow failed to take its compliance obligations seriously at the time”.

    The FMA discovered all the issues as a part of its regular checks on the financial sector for Anti Money Laundering and Countering Terrorism Financing (AML/CTF) compliance. 

    Margot Gatland, FMA Head of Enforcement, said: “Robust and readily accessible records are essential for an entity to fulfil AML/CTF requirements, as firms need to continually monitor their customer base to identify any inconsistencies and report any suspicious activities. Good records also enable third parties such as auditors and Supervisors to review an entity’s compliance effectively and efficiently.”

    The FMA’s warning compels Pencarrow to move quickly with its subsequent independent AML/CTF audit so that it is finished within 4 months of the issued warning (i.e. 5 April 2023). The FMA will also make a follow-up inspection visit with Pencarrow about its Fund VI onboarding to evaluate compliance.

    Suggested Reads: 

    Sam Bankman-Fried Charged with Fraud and Money Laundering, Makes Headlines Again

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

    FMA Blacklists Krypto Security, Bay Exchange, and CTRL Investments Limited

    Related Posts

    News

    ECOWAS Partners with Interpol to Tackle Money Laundering

    ECOWAS (Economic Community of West African States) partners with INTERPOL (International Criminal...

    ECOWAS Partners with Interpol to Tackle Money Laundering Explore More

    News

    Comparitech Report Ranks Biometric Data Use: China Tops the List

    Comparitech, a pro-consumer technology website, conducted a study including 50 countries and thei...

    Comparitech Report Ranks Biometric Data Use: China Tops the List Explore More

    News

    Cryptocurrency brought under AML rules in Singapore

    Coinpip, the Singaporean cryptocurrency provider, has closed down its operations, in spite of dec...

    Cryptocurrency brought under AML rules in Singapore Explore More

    News

    London has been Dubbed as a Money Laundering Base

    The UK’s capital has been dubbed as a potential hotbed for organised crime, especially after Brex...

    London has been Dubbed as a Money Laundering Base Explore More

    News

    Cyberhack Discloses Data on Over 600,000 Medicare Beneficiaries

    A data breach in May 2023 exposed the personal information of 612,000 Medicare beneficiaries, inc...

    Cyberhack Discloses Data on Over 600,000 Medicare Beneficiaries Explore More

    News

    OCC, FDIC, & Fed Warn Banks of Significant Risks in the Crypto Industry

    Three US banking regulators, the Federal Reserve (Fed), Office of the Comptroller of the Currency...

    OCC, FDIC, & Fed Warn Banks of Significant Risks in the Crypto Industry Explore More

    News

    Belgian Banks to Establish a Platform to Reveal Anti-Money Laundering data

    Belgium’s one of the leading bank chain has now suggested developing a platform that will allow p...

    Belgian Banks to Establish a Platform to Reveal Anti-Money Laundering data Explore More

    News

    Largest Banking Cooperation in Columbia Busted for Violating Anti-money Laundering Regulations

    Banco de Occidente, Columbia’s largest banking cooperation Grupo Aval owned by one of the richest...

    Largest  Banking Cooperation in Columbia Busted for Violating Anti-money Laundering Regulations Explore More

    News

    NY Lawmakers Approve Legislation Against Financial Fraud

    Michael Gianaris, Deputy Leader of the Senate, recently announced his legislative measures to pro...

    NY Lawmakers Approve Legislation Against Financial Fraud Explore More

    News

    A Three-fold Rise in AML Penalties in China in 2020

    China’s banks and financial institutions have faced an increase in penalties in the year 2020 due...

    A Three-fold Rise in AML Penalties in China in 2020 Explore More

    News

    Owner of RGCoins Rosen Iossifov Guilty of Crypto Money Laundering

    Iossifov was accused of two conspiracy counts; racketeering and money laundering. After a two-wee...

    Owner of RGCoins Rosen Iossifov Guilty of Crypto Money Laundering 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

    UAE and UK Initiate Large-Scale Crackdowns Against Money Laundering

    The UAE has set up an AML task force that is currently pursuing hundreds of cases, and Cambridges...

    UAE and UK Initiate Large-Scale Crackdowns Against Money Laundering Explore More

    News

    Germany to Implement the 6th AML Directive to Secure Financial Firms

    The Federal Government of Germany has decided to draft a law for money laundering operations. Eur...

    Germany to Implement the 6th AML Directive to Secure Financial Firms Explore More

    News

    Remarkable Progress in Facial Recognition Revealed by a New Study

    Could you have imagined a few years ago that you could be identified from your brain scan? The id...

    Remarkable Progress in Facial Recognition Revealed by a New Study Explore More

    News

    Twitter Reveals Plans of Addressing Deepfakes

    Last month, Twitter announced that it was working on plans to better handle the rising issues of ...

    Twitter Reveals Plans of Addressing Deepfakes Explore More

    News

    Thai Police Bust $27M Crypto Scam and Seize Multiple Luxury Properties

    In a recent operation, Thai authorities uncovered a $27m crypto scam targeting local investors an...

    Thai Police Bust $27M Crypto Scam and Seize Multiple Luxury Properties Explore More

    News

    IMF Advocates CBDC and Global Crypto Regulations for Financial Stability

    The new policies advocated by the IMF seek to minimize financial risks associated with the global...

    IMF Advocates CBDC and Global Crypto Regulations for Financial Stability Explore More

    News

    NAB Chief Urges Government to Reconsider Fines for Large Data Breaches

    The Chief of NAB Ross McEwan has urged the government that penalties for data breaches charged as...

    NAB Chief Urges Government to Reconsider Fines for Large Data Breaches Explore More

    News

    The State Bank of Vietnam Demands More Freedom and Power to be Granted to the Anti-Money Laundering Bureau

    The State Bank of Vietnam (SBV) requested the government to enhance security by providing more fr...

    The State Bank of Vietnam Demands More Freedom and Power to be Granted to the  Anti-Money Laundering Bureau Explore More

    News

    AUSTRAC Throws in Hands in their Fight Against Money Laundering through Casino Junk Operators

    Australian regulatory bodies to fight financial crimes have known for quite a time that casino ju...

    AUSTRAC Throws in Hands in their Fight Against Money Laundering through Casino Junk Operators Explore More

    News

    NGO Coalition Files a Complaint Against French Banks for Money Laundering Linked to Amazon Deforestation

    The Non-Governmental Organisations (NGOs) have filed complaints against French banks BNP Paribas,...

    NGO Coalition Files a Complaint Against French Banks for Money Laundering Linked to Amazon Deforestation Explore More

    News

    US Set to Disclose New Real Estate Regulations to Combat Money Laundering

    The US Treasury Department is ready to introduce rigid regulations to close security loopholes in...

    US Set to Disclose New Real Estate Regulations to Combat Money Laundering Explore More

    News

    Corrupt Countries Tend to Have a Higher Number of Crypto Users, Says IMF

    A recent International Monetary Fund (IMF) study shows that counties that have more corruption ha...

    Corrupt Countries Tend to Have a Higher Number of Crypto Users, Says IMF Explore More

    News

    SkyCity Entertainment Earmarks $29m for Anticipated AML/CFT Regulations Fine

    Australian gaming company, SkyCity Entertainment, has provisioned $29m in anticipation of a civil...

    SkyCity Entertainment Earmarks $29m for Anticipated AML/CFT Regulations Fine Explore More

    News

    Criminal Group in KSA Jailed 24 Years Over Money Laundering Offence

    Criminals in Saudi Arabia sentenced to 25 years imprisonment after getting caught in money launde...

    Criminal Group in KSA Jailed 24 Years Over Money Laundering Offence Explore More

    News

    Crown Casinos Fined $450 Million for AML Failures

    Casino operator Crown should pay a fine of $450 million for 546 violations of anti-money launderi...

    Crown Casinos Fined $450 Million for AML Failures Explore More

    News

    OCC, FDIC, & Fed Warn Banks of Significant Risks in the Crypto Industry

    Three US banking regulators, the Federal Reserve (Fed), Office of the Comptroller of the Currency...

    OCC, FDIC, & Fed Warn Banks of Significant Risks in the Crypto Industry Explore More

    News

    Action Fraud alerts shoppers about COVID-19 scams

    Retail stores and other non-essential shops are recommencing across the United Kingdom, but many ...

    Action Fraud alerts shoppers about COVID-19 scams Explore More

    News

    Cloudflare Discloses Another huge DDoS Attack

    Amid the COVID-19 outbreak, a surf in internet traffic can be seen and thus, an increase in cyber...

    Cloudflare Discloses Another huge DDoS Attack Explore More

    News

    Japan Remains Distrustful of Digital Yen Despite its CBDC Research

    Japan’s Central Bank Launches research on the Central Bank Digital Currency but still remains uns...

    Japan Remains Distrustful of Digital Yen Despite its CBDC Research Explore More

    News

    Nepal at Risk of ‘Graylisting’ for Allowing Money Laundering

    Nepal could be added to FATF’s greylist as the global AML watchdog has found a  number of deficie...

    Nepal at Risk of ‘Graylisting’ for Allowing Money Laundering Explore More

    News

    Deutsche Bank AG Settles Money Laundering Probe Worth $7.1 Million

    Deutsche Bank AG settled a money laundering case of $7.1 million over the probe by Frankfurt pros...

    Deutsche Bank AG Settles Money Laundering Probe Worth $7.1 Million Explore More

    News

    German Parliament Passes Anti-Money Laundering Laws

    On Thursday, the German parliament passed a draft of anti-money laundering measures to make sure ...

    German Parliament Passes Anti-Money Laundering Laws Explore More

    News

    WHO launches blockchain platform to fight COVID-19

    On March 28 the World Health Organization (WHO) collaborated with major blockchain and technology...

    WHO launches blockchain platform to fight COVID-19 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

    NAB and CBA Exposed Over PNG Money Laundering Case

    NAB and CBA have been given a “formal warning” instead of criminal charges, as the PNG regulator ...

    NAB and CBA Exposed Over PNG Money Laundering Case Explore More

    News

    Europol Releases First Financial and Economic Crime Report

    Europol has published its first-ever threat assessment report on financial and economic crimes, h...

    Europol Releases First Financial and Economic Crime Report Explore More

    News

    Star Casino’s Share Tumbles 21% Following Money Laundering Allegations

    Individuals banned from gambling at the Star casino in Sydney had been permitted to gamble at Sta...

    Star Casino’s Share Tumbles 21% Following Money Laundering Allegations Explore More

    News

    US Regulators to Sharpen AML Expectations For Crypto Sector

    The US regulators are increasing the AML compliance expectations within the crypto sector to ensu...

    US Regulators to Sharpen AML Expectations For Crypto Sector Explore More

    News

    FATF Issues New Set of AML and CTF Recommendations for EU States

    The Financial Action Task Force (FATF) has offered a new set of guidance for European Union (EU) ...

    FATF Issues New Set of AML and CTF Recommendations for EU States Explore More

    News

    Hacker Group Profited $7M in Crypto by Selling Stolen Credit Cards

    A hacker group “Keeper” developed an interconnected network of over 570 eCommerce sites to steal ...

    Hacker Group Profited $7M in Crypto by Selling Stolen Credit Cards Explore More

    News

    SEC Enforces Srilankan Compliance Officers To Conduct Adequate AML Measures

    The Security Exchange Commission of Sri Lanka (SECS) and Colombo Stock Exchange (CSE) recently ar...

    SEC Enforces Srilankan Compliance Officers To Conduct Adequate AML Measures Explore More

    News

    Singapore Proposes Additional AML/CFT Requirements for FIs

    Monetary Authority Singapore has issued a consultation paper proposing the scope of AML/CFT to be...

    Singapore Proposes Additional AML/CFT Requirements for FIs Explore More

    News

    FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK

    UK’s Financial Conduct Authority (FCA) has called out EU firms operating in the UK to meet their ...

    FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK Explore More

    News

    Mishcon de Reya fined £232,500 for AML Failures

    London’s leading firm, Mishcon De Reya has been fined EUR 232,500 over failing Anti-Money Launder...

    Mishcon de Reya fined £232,500  for AML Failures Explore More

    News

    FATF to Publish Revised Guidelines For Virtual Assets Service Providers

    The Financial Action Task Force is all set to publish updated guidelines on virtual assets on Oct...

    FATF to Publish Revised Guidelines For Virtual Assets Service Providers Explore More

    News

    Crown Casinos Fined $450 Million for AML Failures

    Casino operator Crown should pay a fine of $450 million for 546 violations of anti-money launderi...

    Crown Casinos Fined $450 Million for AML Failures Explore More

    News

    Iranian President Calls for National Crypto Mining Strategy

    The Iranian President, Rouhani, recently informed the officials from the Central Bank of Iran (CB...

    Iranian President Calls for National Crypto Mining Strategy Explore More

    News

    Dutch Court Rules Out Duties Imposed by National Bank on Crypto Platforms

    The Dutch District Court ruled out all National Bank’s duties on the crypto platforms by stating ...

    Dutch Court Rules Out Duties Imposed by National Bank on Crypto Platforms Explore More

    News

    Danske Bank Fined €1.82m Over AML and CTF Breaches

    Danske Bank was accused of AML compliance failings and fined €1.82m by the Central Bank, revealin...

    Danske Bank Fined €1.82m Over AML and CTF Breaches 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

    Global Payments Industry At Risk Due to Cryptocurrencies, Says FinTech Boss

    According to the boss of New York based investment banking company, Goldman Sachs, Cryptocurrenci...

    Global Payments Industry At Risk Due to Cryptocurrencies, Says FinTech Boss Explore More

    News

    Google plans to conduct identity verification of advertisers

    Google stated in a blog post on Thursday that it will soon require all advertisers to verify thei...

    Google plans to conduct identity verification of advertisers Explore More

    News

    Brazilian Police Block Crypto Assets Due to Suspected Fraud

    Brazilian police have requested the court to block the virtual assets of suspected digital tradin...

    Brazilian Police Block Crypto Assets Due to Suspected Fraud Explore More

    News

    Rabobank’s Profits Drop Over Shut Down in Russia and Increased AML Costs

    Dutch Cooperative Rabobank revealed that its profit plunged more than a quarter in the first half...

    Rabobank’s Profits Drop Over Shut Down in Russia and Increased AML Costs Explore More

    News

    Central Bank of UAE Issues New AML Guidelines to Mitigate Payment Fraud Risks

    The Central Bank of UAE has issued new anti-money laundering guidelines to prevent payment frauds...

    Central Bank of UAE Issues New AML Guidelines to Mitigate Payment Fraud Risks Explore More

    News

    UAE Starts to Scrutinize Businesses to Ensure KYC/AML Compliance

    The UAE’s Ministry of Economy now starts the inspections of Designated Non-Financial Businesses a...

    UAE Starts to Scrutinize Businesses to Ensure KYC/AML Compliance 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

    Identity Thieves on the Hunt for Universal Credit Payments

    The UK’s Department for Work and Pension (DWP) has been warning people for not repaying for the b...

    Identity Thieves on the Hunt for Universal Credit Payments Explore More

    News

    Philippine Gaming Watchdog to Make Every Effort to Remove From FATF’s Gray List

    The Philippine Amusement and Gaming Corporation (PAGCOR) has stated that it will make every effor...

    Philippine Gaming Watchdog to Make Every Effort to Remove From FATF’s Gray List Explore More

    News

    Qatar Takes Steps to Strengthen its AML/CFT and Sanctions Compliance

    A webinar organised by ICC Qatar emphasised the efforts of Qatar to strengthen its AML/CFT and sa...

    Qatar Takes Steps to Strengthen its AML/CFT and Sanctions Compliance Explore More

    News

    German Law Firm Denies Money Laundering Allegations Against Deutsche ReGas

    Hengeler Mueller, a German law firm, investigated the loopholes in the Anti-Money Laundering (AML...

    German Law Firm Denies Money Laundering Allegations Against Deutsche ReGas Explore More

    News

    UK Gambling Commission Charges Kindred Brand $8.7M over AML Shortcomings

    The UK Gambling Commission has charged the Kindred Group with a hefty £4.19-million (US$5.15 mill...

    UK Gambling Commission Charges Kindred Brand $8.7M over AML Shortcomings Explore More

    News

    BNM Issues New Policy For Remote Corporate Customer Onboarding

    BNM has issued a new policy document that permits MSBs to onboard customers remotely in the corpo...

    BNM Issues New Policy For Remote Corporate Customer Onboarding Explore More

    News

    Irish Businessmen lost More than €10 Million in Invoice Redirect Fraud

    Sophisticated invoice redirect fraud in Ireland has resulted in the loss of €10 Million for busin...

    Irish Businessmen lost More than €10 Million in Invoice Redirect Fraud Explore More

    News

    SkyCity Entertainment Earmarks $29m for Anticipated AML/CFT Regulations Fine

    Australian gaming company, SkyCity Entertainment, has provisioned $29m in anticipation of a civil...

    SkyCity Entertainment Earmarks $29m for Anticipated AML/CFT Regulations Fine 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

    WHO launches blockchain platform to fight COVID-19

    On March 28 the World Health Organization (WHO) collaborated with major blockchain and technology...

    WHO launches blockchain platform to fight COVID-19 Explore More

    News

    ‘Money Laundering risk is higher in banks in Mexico than crypto firms’, says FIU report

    According to the new report generated by the country’s financial intelligence unit (FIU), the ban...

    ‘Money Laundering risk is higher in banks in Mexico than crypto firms’, says FIU report Explore More

    News

    Global regulators propose stricter scrutiny of derivatives clearers amidst deadlock with banks

    LONDON – Global regulators have suggested greater scrutiny of clearinghouses managing trill...

    Global regulators propose stricter scrutiny of derivatives clearers amidst deadlock with banks Explore More

    News

    Dutch Rabobank Under Investigation Over Suspected AML/CTF Violations

    According to the Netherlands’ second largest money lender, Dutch prosecutors are investigating Ra...

    Dutch Rabobank Under Investigation Over Suspected AML/CTF Violations 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