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

    ca

    51.222.253.2

    Fraud claim filed against HSBC Bank for ‘sham’ investment scheme

    fraud claim

    A fraud claim worth £1.3 billion has been submitted by 371 investors against HSBC UK Bank for losses incurred due to their Eclipse Partnerships film investment scheme, which they claimed they were instigated to invest in on “false promises”.

    The Eclipse scheme was formed, enhanced, and promoted by HSBC to fund a number of blockbuster Disney films such as Pirates of the Caribbean 2 and 3, National Treasure 2, Enchanted, Underdogs, and Confessions of a Shopaholic.

    However, the claimants – who have registered their complaint with law firm Edwin Coe LLP – stated that none of these film rights were ever traded actively, resulting in significant losses and potential liabilities.

    HSBC reportedly received more than £25 million in fees for its part in Eclipse, which was available to investors between the years 2006 and 2008. About 750 people invested a combined £2.3 billion of capital in Eclipse – all of whom gathered loans to finance the investment which was believed to be paid off with the return they made.

    According to Edwin Coe, a number of investors in the scheme – which was publicized as “a legitimate tax-efficient investment” – have gone bankrupt or are facing huge demands from HMRC that are about as much as ten times than their original investments, as no trade-in film rights were ever made by Eclipse with Disney.

    David Greene, the senior partner at Edwin Coe, said: “Eclipse was a sham investment opportunity.” It seems that the investments made by clients were easily transferred between funder and Disney entities in a circular manner.

    He further stated: “It was a risk-free income stream for Disney, HSBC, and the lending banks – but financially catastrophic for its unwitting investors.” Eclipse did not exploit, or otherwise trade in, any meaningful film rights of any value from Disney at any point. 

    HSBC has declined to comment on the issue, as yet. 

    Related Posts

    News

    Albania Fails to Take Strict AML/CFT Measures

    According to MONEYVAL, Albania has failed to take the necessary steps to improve measures on figh...

    Albania Fails to Take Strict AML/CFT Measures Explore More

    News

    Mega Bank Fined $10 Million in Fake Mortgage Case

    Due to poor internal controls, 28 fraudulent mortgage applications went undetected.  The Financia...

    Mega Bank Fined $10 Million in Fake Mortgage Case Explore More

    News

    New York Federal Reserve Sued by Puerto Rican Bank For Blocking Service in Venezuela

    A Puerto Rican bank has sued the New York Federal Reserve on 25th July for suspending their acces...

    New York Federal Reserve Sued by Puerto Rican Bank For Blocking Service in Venezuela Explore More

    News

    NFT Market Skyrockets to $44 Billion as Money Laundering Increases

    The non-fungible token (NFT) market value has increased from $106 million in 2020 to $44 billion ...

    NFT Market Skyrockets to $44 Billion as Money Laundering Increases Explore More

    News

    Turkey Set to Toughen AML Laws on Crypto Asset Platforms

    Turkey is designing new and stricter obligations to prevent crypto-asset platforms from money lau...

    Turkey Set to Toughen AML Laws on Crypto Asset Platforms Explore More

    News

    N26 Fined $5M by German Watchdog for Delayed SAR

    German regulator BaFin imposes a hefty $5 million penalty on digital banking company, N26, for un...

    N26 Fined $5M by German Watchdog for Delayed SAR Explore More

    News

    EBA revised its guidelines on ML/FT risk factors

    The European Banking Authority (EBA) issued revised money laundering and terrorist funding (ML/TF...

    EBA revised its guidelines on ML/FT risk factors 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

    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

    “We Reaffirm Our Full Support for FATF’s Efforts Against Financial Crime” – G20 Leaders

    According to the Rome Declaration, G-20 leaders ensure full support to back FATF recommendations ...

    “We Reaffirm Our Full Support for FATF’s Efforts Against Financial Crime” – G20 Leaders Explore More

    News

    Facebook Built a Facial Recognition App To Identify Employees

    Facebook is again under fire for its controversial facial recognition technology. The tool used f...

    Facebook Built a Facial Recognition App To Identify Employees 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

    Italian banking association ready to accept digital euro

    The Italian Banking Association (ABI) has disclosed that it is willing to support the introductio...

    Italian banking association ready to accept digital euro Explore More

    News

    US government favours a hands-off approach to AI’s regulation

    The white house listed 10 principles that federal agencies should consider when drafting laws and...

    US government favours a hands-off approach to AI’s regulation 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

    Artist Sues AI Generators for Alleged Industrial-Level Identity Theft

    Artist, Karla Ortiz, has sued two artificial intelligence firms for generating images that mimic ...

    Artist Sues AI Generators for Alleged Industrial-Level Identity Theft Explore More

    News

    US Government Announces Reward for Identifying Sanctioned Russian Assets

    The US government has announced financial rewards of up to $5 million for information leading to ...

    US Government Announces Reward for Identifying Sanctioned Russian Assets Explore More

    News

    Singapore offers $70M to aid the fintech industry during COVID-19

    Singapore has allocated SG$125 million ($70.89 million) to assist its financial services industry...

    Singapore offers $70M to aid the fintech industry during COVID-19 Explore More

    News

    Coronavirus outbreak exploited by internet scammers

    Americans are advised to stay watchful of cybercriminals’ attempts to misuse the life-threatening...

    Coronavirus outbreak exploited by internet scammers Explore More

    News

    Abu Dhabi Regulatory Authority Fines Pyypl $486,000 for Violating Money Laundering Laws

    Abu Dhabi Global Market (ADGM) financial regulatory authority fined $486,000 to digital UAE bank ...

    Abu Dhabi Regulatory Authority Fines Pyypl $486,000 for Violating Money Laundering Laws Explore More

    News

    Half of Anti-malware Products fail to Recognize Notable Threats

    According to a new report by SE labs, Most popular, well-established cybersecurity solutions do n...

    Half of Anti-malware Products fail to Recognize Notable Threats Explore More

    News

    The Rise of FinTech Services can Spur Financial Risk: Says U.S. Bank Regulator

    According to the US bank regulator, banks and the fintech alliance for a seamless customer experi...

    The Rise of FinTech Services can Spur Financial Risk: Says U.S. Bank Regulator Explore More

    News

    Anti-Money Laundering Initiative in Ireland Extended to Bitcoin

    Cryptocurrency buyers and sellers in Ireland, under the new anti-money laundering regime, will no...

    Anti-Money Laundering Initiative in Ireland Extended to Bitcoin Explore More

    News

    Crypto and Forex Scams Cost Belgian Investors $12 Million

    According to the Belgian financial watchdog, fraudsters stole approximately $12 million from the ...

    Crypto and Forex Scams Cost Belgian Investors $12 Million 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

    Bank of Thailand Issues Warning Against Digital Fraud

    The central bank advised individuals not to accept information that appears fake, nor to perform ...

    Bank of Thailand Issues Warning Against Digital Fraud Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe have emerged with enhanced AML requirements for corporate services businesse...

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Explore More

    News

    The market for Digital Identity Solutions expected to double by 2024

    The market for Digital Identity Solutions is predicted to double between 2019 and 2024, as report...

    The market for Digital Identity Solutions expected to double by 2024 Explore More

    News

    Facebook’s New AI Can Help You Circumvent Facial Recognition

    Facial recognition technology is primarily used to detect and identify people but in a turn of ev...

    Facebook’s New AI Can Help You Circumvent Facial Recognition 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

    EU Lawmakers to Decide Ban on Large Crypto Transfers from Self-Hosted Wallets

    European Union lawmakers will vote on limiting crypto transfers from self-hosted wallets on March...

    EU Lawmakers to Decide Ban on Large Crypto Transfers from Self-Hosted Wallets 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

    IMF Warns Nigeria on Risks Arising from Central Digital Currency eNaira

    The IMF has warned the Central Bank of Nigeria (CBN) about the risks of money laundering and terr...

    IMF Warns Nigeria on Risks Arising from Central Digital Currency eNaira Explore More

    News

    UK Finance Sector and Police Stopped £32m Fraud in First Half of 2021

    The ‘Banking Protocol’ introduced in 2016 has now helped prevent financial fraud worth £174...

    UK Finance Sector and Police Stopped £32m Fraud in First Half of 2021 Explore More

    News

    NAB, CBA Under Money Laundering Probe Yet Again

    Australia’s CBA and NAB are under regulatory scrutiny for providing correspondent banking service...

    NAB, CBA Under Money Laundering Probe Yet Again 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

    Central Bank of UAE Penalized Exchange House Dhs504,000 for AML/CFT Breach

    UAE’s exchange house has weak measures to fight money laundering and terrorism financing and requ...

    Central Bank of UAE Penalized Exchange House Dhs504,000 for AML/CFT Breach Explore More

    News

    HSBC Bank SMS Phishing Scam Targets UK Victims

    A new phishing scam, designed to lure victims into handing over their HSBC bank account details, ...

    HSBC Bank SMS Phishing Scam Targets UK Victims Explore More

    News

    FinCEN Releases Final Rule to Implement Beneficial Ownership Reporting Requirements

    US Treasury Department’s FinCEN has issued a highly anticipated final rule for the implementation...

    FinCEN Releases Final Rule to Implement Beneficial Ownership Reporting Requirements Explore More

    News

    Australian Defense Department Hit by Ransomware Attack

    Australian Defence Department has been hit by a ransomware attack. No information about former or...

    Australian Defense Department Hit by Ransomware Attack Explore More

    News

    EU Lawmakers Propose New Bill to Combat Money Laundering through NFTs

    Members of the European Parliament have proposed a new bill to increase scrutiny of the NFT and D...

    EU Lawmakers Propose New Bill to Combat Money Laundering through NFTs Explore More

    News

    AUSTRAC: Loan Fraud is the Main AML/CFT threat to Non-banks

    AUSTRAC report states loan scams and identity fraud as the main threat to AML/CFT compliance when...

    AUSTRAC: Loan Fraud is the Main AML/CFT threat to Non-banks 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

    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

    Central Bank of Morocco to Introduce a Comprehensive Crypto Regulation Bill

    Morocco’s Central Bank is drafting a set of comprehensive cryptocurrency laws as the digital asse...

    Central Bank of Morocco to Introduce a Comprehensive Crypto Regulation Bill Explore More

    News

    UAE Making ‘Strong Progress’ in Efforts to Prevent Financial Crimes

    The Minister of Foreign Affairs said that the UAE is making “strong progress” to prevent illicit ...

    UAE Making ‘Strong Progress’ in Efforts to Prevent Financial Crimes Explore More

    News

    Cyberattack Prompts Dallas Firefighter and Police Associations to Demand Identity Theft Protection

    It has been three weeks since Dallas’ operations were affected by a municipal network outage. Som...

    Cyberattack Prompts Dallas Firefighter and Police Associations to Demand Identity Theft Protection Explore More

    News

    UAE Freezes Assets of Irish Crime Syndicate for Laundering Money Through Dubai

    The UAE has frozen the assets of Ireland’s Kinahan Crime Syndicate, mounting the pressure on an o...

    UAE Freezes Assets of Irish Crime Syndicate for Laundering Money Through Dubai Explore More

    News

    Japan’s FSA Deems Crypto Dealers Necessary for Ongoing AML Efforts

    Japan’s federal regulatory authority FSA lays ground for anti money laundering requirements for c...

    Japan’s FSA Deems Crypto Dealers Necessary for Ongoing AML Efforts Explore More

    News

    Money Laundering and Drug Trafficking Account for Illicit Flow of US$ 1 Billion into Jamaica Annually

    Reports have highlighted that money laundering, drug trafficking, and cybercrimes account for the...

    Money Laundering and Drug Trafficking Account for Illicit Flow of US$ 1 Billion into Jamaica Annually Explore More

    News

    Swiss Govt. to Amend Banking Act for Press Freedom in Finance Sector

    The Swiss Government has signaled to amend the banking act for press freedom in the finance secto...

    Swiss Govt. to Amend Banking Act for Press Freedom in Finance Sector Explore More

    News

    FCA Spends $650K to Beef up its AML Control for the Crypto Industry

    FCA spends $670,000 on training cryptocurrency exchange staff along with strengthening AML requir...

    FCA Spends $650K to Beef up its AML Control for the Crypto Industry 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

    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

    New South Wales (NSW) Government to Make Poker Machine Reforms after Victoria Introduces Strict Anti-Money Laundering Restrictions

    The New South Wales (NSW) government of Australia continues to pressure gambling companies to str...

    New South Wales (NSW) Government to Make Poker Machine Reforms after Victoria Introduces Strict Anti-Money Laundering Restrictions Explore More

    News

    Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List

    The Financial Intelligence Analysis Unit (FIAU) and Malta Business Registry (MBR) have signed an ...

    Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List Explore More

    News

    Fraudsters Target UK’s £400 Energy Bill Support Scheme through Scam Texts

    Fraudsters are taking advantage of the support program initiated for people to lessen the burden ...

    Fraudsters Target UK’s £400 Energy Bill Support Scheme through Scam Texts Explore More

    News

    Nonprofit Guam Shrine Club Under Fire for Alleged Illegal Gambling and Money Laundering

    Seven people, three GSC officers and four other individuals from Guam Shrine Club, a nonprofit or...

    Nonprofit Guam Shrine Club Under Fire for Alleged Illegal Gambling and Money Laundering Explore More

    News

    A Ponzi Scheme of $2.7 Million Unleashed

    According to the U.S Department of Justice, a former attorney from Allentown was sentenced to six...

    A Ponzi Scheme of $2.7 Million Unleashed Explore More

    News

    Australian Regulators Oblige Businesses to Report Suspicious Transactions

    The Australian regulatory authorities ordered digital businesses to report cyberattacks and suspi...

    Australian Regulators Oblige Businesses to Report Suspicious Transactions Explore More

    News

    UK Authorities Accuse Attorneys of Failure in Combating Financial Crimes

    The UK regulatory authorities asserted that new data revealed prosecutors inadequately comply wit...

    UK Authorities Accuse Attorneys of Failure in Combating Financial Crimes Explore More

    News

    Singapore Police Warn Citizens of Prevailing SMS Phishing Scams

    The Singapore Police Force has warned citizens about SMS fraud targeting people with similar send...

    Singapore Police Warn Citizens of Prevailing SMS Phishing Scams Explore More

    News

    Danske Bank Under Fire Over AML Shortcomings

    The FSA has reprimanded Sweden’s Danske Bank over ‘shortcomings’ in its anti-money laundering con...

    Danske Bank Under Fire Over AML Shortcomings Explore More

    News

    Authorities Warn that the Current Crypto Landscape is Plagued with Scam

    According to the Connecticut State Police, the emerging virtual cryptocurrency market is prone to...

    Authorities Warn that the Current Crypto Landscape is Plagued with Scam Explore More

    News

    $8.6bn Lost to Cryptocurrency-based Money Laundering in 2021

    ‘The 2022 Crypto Crime Report’ by Chainalysis has revealed that a total of $8.6 billion was lost ...

    $8.6bn Lost to Cryptocurrency-based Money Laundering in 2021 Explore More

    News

    Kenya Accuses Two Leading African FinTech Firms of Operating Without Licenses

    Two of Africa’s top FinTech companies have been accused by the Kenyan central bank of alleg...

    Kenya Accuses Two Leading African FinTech Firms of Operating Without Licenses Explore More

    News

    ‘Left in Limbo’: Cryptocurrency Exchanges React to FCA Registration Deadline

    Today is the deadline for the digital currency firms to be registered with the UK’s financial reg...

    ‘Left in Limbo’: Cryptocurrency Exchanges React to FCA Registration Deadline Explore More

    News

    Monetary System of Nation-States at Systematic Risk due to Stablecoins, Says FSB

    With the introduction of global stablecoin like Facebook’s Libra, G20’s watchdog, the Financial S...

    Monetary System of Nation-States at Systematic Risk due to Stablecoins, Says FSB Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    On Friday, an international financial watchdog committed to securing the global economic system a...

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Explore More

    News

    DC lawyers can now accept crypto for legal fees

    According to a report by Bloomberg Law, cryptocurrency can now be used to pay for legal services ...

    DC lawyers can now accept crypto for legal fees Explore More

    News

    COVID Vaccine Certificate Fraud Leads to Suspension of GGD Employees

    A 20-year-old man arrested for being a part of Covid-19 certificate fraud. Many GGD employees are...

    COVID Vaccine Certificate Fraud Leads to Suspension of GGD Employees 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

    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