The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

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    FTX Customers File Class Action Against Bankrupt Crypto Exchange

    FTX Customers File Class Action Against Bankrupt Crypto Exchange

    FTX customers had filed a class action against the bankrupt crypto exchange and its ex-CEO Sam Bankman-Fried to recover funds they lost when the business collapsed earlier this year.

    Four plaintiffs filed a class action on behalf of millions of former FTX clients, claiming that customers own the company’s digital assets and should be given full rights to access those funds.

    “Customer Class members should not have to stand in line along with secured or general unsecured creditors in these Bankruptcy Proceedings just to share in the diminished estate assets of the FTX Group and Alameda,” the complaint said.  “Cash and assets traceable to customers, which never belonged to FTX or Alameda, and do not belong to the estates, should be earmarked solely for customers, and victimized customers should likewise have priority to any other cash possessed or recovered by Debtors.”

    Following the finding that Bankman-Fried had transferred billions of dollars of client funds to back Alameda, FTX and 130 related companies filed for Chapter 11 bankruptcy and suspended client withdrawals in November.

    These funds were reportedly spent by Bankman-Fried and his close friends on houses and other purchases.

    The class action lawsuit urges the court to rule that neither the Alameda properties nor the FTX assets associated with consumers should be considered Alameda property.

    “If the court finds that the assets remain FTX’s property, then customers should have priority rights to repayment and/or recovery over other creditors,” the complaint said. 

    Suggested Reads:

    FCA Says Bankman-Fried FTX Cryptocurrency Exchange Not Regulated in the UK

    FATF Publishes Two New Updates on Global ML/TF Risks

    SA Government Passes New Legislation to Avoid FATF Grey list

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    UAE Imposes Strict Penalties for AML and CFT Failings

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    Identity Thieves on the Hunt for Universal Credit Payments

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    BC Law Society Holds Honorary Consul of Ukraine Accountable for Failure to Prevent Money Laundering

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    US Officials allege student defrauded Apple as part of SIM swap attack

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    Australia to Ban Credit Cards for Online Gambling to Prevent Payment Fraud

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

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    USD 10.4 Billion Paid by Financial Groups in 2020 in Regulatory Fines

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    Texans to be Among the Most Affected Nations in Global Cybercrime Operation, Warns FBI

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    The Biggest Theft in Crypto History: $600 Million Stolen

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    Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert.

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    UAE and Egypt Collaborate to Fight Money Laundering and Terrorist Financing

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    Identity Theft Pushed to New Records with Buy-Now-Pay-Later Boom in Australia

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    Ransomware attacks three US universities

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    Crypto Exchange BKEX Freezes Withdrawals Under Money Laundering Investigation

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    US Senator Challenges the Proposed Crypto Regulations of FinCEN & FATF

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    UK Government Issues New Guidance On Data Collection Related To Self Custody Crypto Wallets

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

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

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    Congress to Pass Urgently Needed AML & Whistleblower Protections Against Russian Oligarchs

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    New York State Department Fines Robinhood $30m for Inadequate AML Compliance Measures

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