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

    FSRA to Take Action Over the MGA’s Training Practices

    n-img-fsra

    The Financial Services Regulatory Authority of Ontario (FSRA) has notified that it’s going to take action over the training practices of the life insurance Managing General Agent (MGA) Greatway Financial.

    The regulator is aiming to take compliance action on the MGA, claiming that Greatway is “committing acts that might reasonably be expected to result in an unfair and deceptive act or practice.”

    Greatway needs its agents to take necessary training, which includes courses on legal obligations such as anti-money laundering procedures, according to the FSRA. However, the sole product training necessary for agents is to sell Universal Life (UL) plans using the technique of an “Insured Retirement Plan” (IRP); these are policies that the government has referred to as “overfunded.”

    According to the FSRA, an IRP is a sophisticated financial strategy that enables customers to get life insurance and possibly supplement retirement income utilizing a combined income as well as an investment strategy. To accrue the money, customers who purchase such a policy will need to contribute more to the contracts on top of the life insurance. After on, this collected savings can be obtained by taking money out of the contracts or borrowing against the policy’s cash value.

    The FSRA pointed out that the viability of an IRP plan depends on ongoing and continued contributions, in addition to borrowing eligibility and authorized tax deferrals. It was also emphasized that the expense of insurance premiums limits the amount of cash that insureds may “save” through the policies, and the insurance rate would undoubtedly rise with time as the insured becomes older.

    According to FSRA, an IRP plan is typically taken into account for higher net-worth customers who need tax-effective solutions and have the financial means to make monthly contributions.  Following an investigation, the regulator found that Greatway’s training instructs dealers to disguise the overfunded UL plan and IRP approach as insurance by having them offer it to all consumers as “savings” instead. The FSRA also charged Greatway with instructing its representatives to downplay the dangers of such UL items.

    Greatway Financial gave a response after the FSRA’s request. “We respect the FSRA’s role as the regulator for our industry, but we do not believe the FSRA’s report accurately reflects how we do business,” the company stated. “On the contrary, we believe that the facts do not support a number of items the FSRA has raised, and we will be requesting a hearing before the Financial Services Tribunal with the primary purpose of allowing Greatway Financial time to resolve matters with the FSRA in a non-adversarial manner.”

    Suggested Read: FSRA Imposed a Dh 1.32 Million Fine on Wise Nuqud Ltd for AML Failings

    Related Posts

    News

    FinCEN Proposes Beneficial Ownership Reporting Requirements

    The FinCEN proposed beneficial ownership reporting requirements to protect U.S financial system f...

    FinCEN Proposes Beneficial Ownership Reporting Requirements Explore More

    News

    DHS 19.5 Million Fine Imposed on UAE Banks for AML Failings

    The Central Bank has imposed Dhs 19.5 million fine on UAE’s banks for shortcomings in the AML fra...

    DHS 19.5 Million Fine Imposed on UAE Banks for AML Failings Explore More

    News

    UK to Regulate Stablecoins & Mint its Own NFTs to Become Global Crypto Hub

    The UK is reportedly planning to regulate stablecoins as a payment method and the Royal Mint is t...

    UK to Regulate Stablecoins & Mint its Own NFTs to Become Global Crypto Hub Explore More

    News

    Interpol Operation Intercepts Financial Cybercrime Worth $83 Million

    Due to an exponential rise in online financial crimes in the Asia Pacific region, an INTERPOL-coo...

    Interpol Operation Intercepts Financial Cybercrime Worth $83 Million Explore More

    News

    US Government to Establish New Corporate Transparency Act Regulations to Verify UBOs

    The US government is ready to change the process of reporting beneficial ownership. The final rul...

    US Government to Establish New Corporate Transparency Act Regulations to Verify UBOs Explore More

    News

    TD Banking Group Expects US Penalties for Money Laundering

    TD Banking Group disclosed that they expect fines and non-compliance penalties related to US auth...

    TD Banking Group Expects US Penalties for Money Laundering Explore More

    News

    Central Bank of Bahamas Calls for Stringent Due Diligence in the Wake of FTX Collapse

    The Bahamas’ Central Bank has called for stricter due diligence while moving funds in the w...

    Central Bank of Bahamas Calls for Stringent Due Diligence in the Wake of FTX Collapse Explore More

    News

    Mexico: Federal Anti-Money Laundering Agency Freezes 1352 Accounts for Money Laundering

    On Tuesday, the police and federal anti-money laundering agency said that they have frozen 1352 b...

    Mexico: Federal Anti-Money Laundering Agency Freezes 1352 Accounts for Money Laundering 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

    FATF Highlights the Gaps in New Zealand’s AML Measures

    Financial Action Task Force (FATF) has issued a report on New Zealand’s measures to combat money ...

    FATF Highlights the Gaps in New Zealand’s AML Measures Explore More

    News

    Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering

    Colombia’s Financial Crimes Unit has detected $20 billion in financial operations that are potent...

    Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering Explore More

    News

    Pandora Papers Highlight ‘Gatekeepers’ of Black Money, says EU Financial Watchdog

    The new report of MONEYVAL offers a diminishing rebuke across European governments that are unabl...

    Pandora Papers Highlight ‘Gatekeepers’ of Black Money, says EU Financial Watchdog Explore More

    News

    “Cybercriminals are Tampering with QR Codes to Redirect Victims”, FBI Warns

    The Federal Bureau of Investigation (FBI) has issued a warning regarding Malicious QR codes that ...

    “Cybercriminals are Tampering with QR Codes to Redirect Victims”, FBI Warns Explore More

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Take effective measures to amend current Anti-Mon...

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Explore More

    News

    EDD Fraud Scandal in California – 87 Suspects Arrested

    Within two weeks, the Beverly Hills Police have arrested 87 people that are suspected to be invol...

    EDD Fraud Scandal in California – 87 Suspects Arrested Explore More

    News

    B.C. Real Estate Company Fined $230K for Multiple AML Violations

    Nu Stream Realty Inc. has been fined $230,423 for failure to comply with federal Anti-Money Laund...

    B.C. Real Estate Company Fined $230K for Multiple AML Violations 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

    $8.6 Million Worth of Syrian Sanctions Settled by a French Bank

    A French bank, Union de Banques Arabes et Françaises has paid the 8.6 million USD for violating o...

    $8.6 Million Worth of Syrian Sanctions Settled by a French Bank Explore More

    News

    Interpol Seizes $130M Worth of Virtual Assets from Cybercriminals Worldwide

    The International Criminal Police Organization Interpol has seized $130 million worth of virtual ...

    Interpol Seizes $130M Worth of Virtual Assets from Cybercriminals Worldwide Explore More

    News

    New fake ad alert system launched to fight online scams

    According to ITV, the UK Scam Ad Alert tool – developed by the Advertising Standards Authority (A...

    New fake ad alert system launched to fight online scams 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

    One in Three Western Australians Experience Financial Frauds – Bankwest

    Based on reports, every one in three residents of Western Australia has experienced financial abu...

    One in Three Western Australians Experience Financial Frauds – Bankwest Explore More

    News

    The UK’s largest mobile operator EE has announced its Digital Identity platform

    EE, the UK’s largest mobile operator has announced its new Digital Identity platform to protect c...

    The UK’s largest mobile operator EE has announced its Digital Identity platform Explore More

    News

    ASIC Expands its Team to Enhance Cryptocurrency Regulations

    Australia’s financial regulator has enhanced the size of its crypto team. The crypto regula...

    ASIC Expands its Team to Enhance Cryptocurrency Regulations Explore More

    News

    MENAFATF Adopts Abu Dhabi Recommendations to Counter Money Laundering and Terrorism Financing

    An international group based on the FATF format, MENAFATF, has adopted the Abu Dhabi recommendati...

    MENAFATF Adopts Abu Dhabi Recommendations to Counter Money Laundering and Terrorism Financing Explore More

    News

    UK’s Decision to Dump the GDPR Raises Concerns for Online Gambling Sector

    The UK is facing financial turbulence because of changing its way from participating in European ...

    UK’s Decision to Dump the GDPR Raises Concerns for Online Gambling Sector Explore More

    News

    ACCC Calls for Heavy Penalties to Make Tech Giants Scam-free

    The Australian Competition and Consumer Commission (ACCC) has demanded severe penalties linked to...

    ACCC Calls for Heavy Penalties to Make Tech Giants Scam-free Explore More

    News

    Medical Testing Postpones Money Launderer’s Sentencing

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

    Medical Testing Postpones Money Launderer’s Sentencing Explore More

    News

    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

    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

    Japan to Form Specialized AML/CFT Team in Response to FATF Review

    Japan has been advised by the FATF to enhance cross-agency coordination and overcome barriers of ...

    Japan to Form Specialized AML/CFT Team in Response to FATF Review Explore More

    News

    IRS And Foreign Tax Enforcers Warn of Increasing Money Laundering Risks in NFTs

    The IRS and foreign tax enforcers have issued a warning of the increasing risks of money launderi...

    IRS And Foreign Tax Enforcers Warn of Increasing Money Laundering Risks in NFTs Explore More

    News

    The Ringleader of a Crypto-Ponzi Scheme Arrested After a Flee Attempt

    Mathew Piercey, a Ponzi scheme leader who defrauded $35 million for crypto mining and other inves...

    The Ringleader of a Crypto-Ponzi Scheme Arrested After a Flee Attempt Explore More

    News

    Canada’s Anti-Money Laundering Crackdown Gets Support From Coalition

    The Canadian government has swiftly responded to a call for action from an alliance of organizati...

    Canada’s Anti-Money Laundering Crackdown Gets Support From Coalition Explore More

    News

    Surging Cryptocurrency Scams Target Lower Mainland Seniors

    CARP of South Surrey/White Rock has found that the surge in cryptocurrency scams are a threat to ...

    Surging Cryptocurrency Scams Target Lower Mainland Seniors Explore More

    News

    1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries

    In a major money laundering crackdown, European police identified more than 18,000 money mules, a...

    1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries 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

    Two More Crypto Firms to Shut Down Over EU Money Laundering Regulations

    Two more cryptocurrency firms – mining pool Simplecoin and bitcoin gaming platform Chopcoin...

    Two More Crypto Firms to Shut Down Over EU Money Laundering Regulations Explore More

    News

    EBA Issues Guidance on the Roles of AML/CFT Compliance Officers

    The European Banking Authority has published guidelines that state the roles of Anti-money launde...

    EBA Issues Guidance on the Roles of AML/CFT Compliance Officers 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

    COVID at EURO 2020 Reinforced the Need for Digital COVID Pass

    With 2 infected players infiltrating the entire stadium, many are fearing the spread of COVID-19 ...

    COVID at EURO 2020 Reinforced the Need for Digital COVID Pass Explore More

    News

    European Union to Propose Amendments in AML Package for Corporate Transparency

    The European Parliament has proposed a series of amendments to the Anti Money Laundering (AML) pa...

    European Union to Propose Amendments in AML Package for Corporate Transparency Explore More

    News

    N26 Banned by Italian Central Bank for Insufficient Money Laundering Controls

    The central bank of Italy has banned German digital bank N26 from onboarding Italian customers af...

    N26 Banned by Italian Central Bank for Insufficient Money Laundering Controls Explore More

    News

    Digital IDs Becoming Useful for Fighting Financial Crimes

    The use of digital IDs has proved to be advantageous for fighting financial crimes. Research has ...

    Digital IDs Becoming Useful for Fighting Financial Crimes Explore More

    News

    EU Proposes New AML Agency For Addressing Money Laundering

    The EU document has been proposed to introduce tough action against money laundering in the regio...

    EU Proposes New AML Agency For Addressing Money Laundering Explore More

    News

    IMF Urges El Salvador to Restrict Cryptocurrencies as Legal Tender Amid Money Laundering Risks

    The International Monetary Fund (IMF) is persuading El Salvador to revoke the initiative of makin...

    IMF Urges El Salvador to Restrict Cryptocurrencies as Legal Tender Amid Money Laundering Risks Explore More

    News

    FinCEN Alerts FIs of Sanction Evasion by Russian Entities Implicated in U.S. Commercial Property Investments

    FinCEN alerted all the Financial Institutions warning about the risk of investment from sanctione...

    FinCEN Alerts FIs of Sanction Evasion by Russian Entities Implicated in U.S. Commercial Property Investments Explore More

    News

    The US and UK Strengthen Ties Regarding Crypto Regulations, Says British Regulator

    The Top British regulator FCA reported that the US and UK are strengthening ties on crypto regula...

    The US and UK Strengthen Ties Regarding Crypto Regulations, Says British Regulator Explore More

    News

    11 Jailed in Saudi Arabia for Laundering $2.7 Billion

    Saudi Arabia has jailed and fined 11 individuals SR62.5 million for money laundering. The group l...

    11 Jailed in Saudi Arabia for Laundering $2.7 Billion Explore More

    News

    UK Government Proposes New Cybersecurity Laws

    The UK government proposed new laws for cybersecurity last week to increase security standards in...

    UK Government Proposes New Cybersecurity Laws Explore More

    News

    Swiss Prosecutors Scrutinize Lebanon’s Central Bank for Money Laundering

    Prosecutors in Switzerland are carrying out investigations from the British Virgin Islands to Gen...

    Swiss Prosecutors Scrutinize Lebanon’s Central Bank for Money Laundering Explore More

    News

    Swedish gambling regulator seeks high money-laundering fines

    The Swedish Gambling Authority (SGA) has taken a tough stance against money laundering and reques...

    Swedish gambling regulator seeks high money-laundering fines Explore More

    News

    ECB Will Be Launching Digital Euro Project

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

    ECB Will Be Launching Digital Euro Project Explore More

    News

    Governor Bank of France to Propose Licencing for Crypto Firms

    François Villeroy de Galhau, the Governor Bank of France, has passed more stringent regulatory pr...

    Governor Bank of France to Propose Licencing for Crypto Firms Explore More

    News

    State Street Bank fined $1.24 million for breaching AML laws

    The US-based State Street bank has been hit with million-dollar money laundering fine. The Austra...

    State Street Bank fined $1.24 million for breaching AML laws Explore More

    News

    Bill to Combat Money Laundering Makes Its Way Through The Senate

    The US House of Representatives passed the Corporate Transparency Act of 2019 (HR 2513) on Octobe...

    Bill to Combat Money Laundering Makes Its Way Through The Senate Explore More

    News

    EMI Flagged Nearly 40% of UK’s E-Money Exchanges for Money Laundering Risk

    A report from Transparency International revealed that nearly 40% of the UK’s e-payment companies...

    EMI Flagged Nearly 40% of UK’s E-Money Exchanges for Money Laundering Risk Explore More

    News

    FirstBank of Nigeria Continues Commitment to Combating Money Laundering

    Chief Executive Officer of the First Bank Group of Nigeria Limited, Dr. Adesola Adeduntan, noted ...

    FirstBank of Nigeria Continues Commitment to Combating Money Laundering Explore More

    News

    The Bicycle Hotel & Casino Fined $500K For Violating AML Laws

    The Bicycle Hotel and Casino will be paying $500K in fine as it failed to report Currency Transac...

    The Bicycle Hotel & Casino Fined $500K For Violating AML Laws 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

    UAE Issues Updated Targeted Financial Sanctions Guidance

    The UAE has shifted from the multilateral United Nations Security Council (UNSC) sanctions to uni...

    UAE Issues Updated Targeted Financial Sanctions Guidance Explore More

    News

    FCA Fines Gatehouse Bank £1.58mn for Breaching Money Laundering Regulations

    The Financial Conduct Authority (FCA) has fined Gatehouse Bank £1.58 million. The regulator disco...

    FCA Fines Gatehouse Bank £1.58mn for Breaching Money Laundering Regulations Explore More

    News

    Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks

    A Columbian drug cartel’s scheme was busted by the federal prosecutors who moved millions through...

    Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks Explore More

    News

    Jamaican Senate Approves Order to Combat Money Laundering

    The Jamaican Senate recently approved the Proceeds of Crime (DNFBPs)(TCSPs) Order, 2022, which is...

    Jamaican Senate Approves Order to Combat Money Laundering Explore More

    News

    Study Reveals Alabama to be the Center for Identity Theft and Fraud

    According to the latest study, Alabama has become the state with one of the highest rates of iden...

    Study Reveals Alabama to be the Center for Identity Theft and Fraud Explore More

    News

    FirstBank of Nigeria Continues Commitment to Combating Money Laundering

    Chief Executive Officer of the First Bank Group of Nigeria Limited, Dr. Adesola Adeduntan, noted ...

    FirstBank of Nigeria Continues Commitment to Combating Money Laundering Explore More

    News

    Fintrac Warns Casinos of Gamers Paying with Bank Drafts

    Canada’s anti-money laundering agency is warning casinos to be cautious of customers who pay for ...

    Fintrac Warns Casinos of Gamers Paying with Bank Drafts 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

    Canada Financial Crimes Agency Questioned on Effectiveness of Anti-Fraud Measures

    Anti-fraud experts are reporting concerns regarding the Liberals’ newly announced Canada Financia...

    Canada Financial Crimes Agency Questioned on Effectiveness of Anti-Fraud Measures Explore More

    News

    $2 Shell company laundered hundreds of millions at Crown Casino Perth

    International organizations are believed to be using Crown Perth to launder hundreds through $2 s...

    $2 Shell company laundered hundreds of millions at Crown Casino Perth Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    International financial watchdogs have imposed a fine of over $500 million on TD Bank, Adelaide C...

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings 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

    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