The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Ireland’s Central Bank Found Gaps in Anti-Money Laundering Compliance Practices

Irelands

Ireland’s Central bank has found that certain financial firms are lacking in regards to anti-money laundering compliance and terrorist financing obligations.

Firms listed in Schedule 2 of the criminal justice must comply with anti-money laundering and terrorist financing regulations. 

After a series of investigations and review meetings, it was discovered by the central bank that the boards of the financial firms fail to show responsibility for the issue and no proper measures are being taken to implement the compliances. The senior-level management and the board members have properly understood the requirements.

There was a lack of risk assessment activities and lack of proper documentation that assessed the money laundering background checked.  

“The culture and tone of any organization are set from the top. It, therefore, rests with the board of these firms to ensure that the necessary AML/CFT governance, risk assessment, policies and procedures, training, and awareness are embedded throughout the organization. While some firms may choose to outsource AML/CFT activities to third-party service providers, boards cannot outsource the responsibility for compliance.” said Seána Cunningham, Director of Enforcement and Anti-Money Laundering at the Central Bank.

The regulators have warned the firms that proper action will be taken against them if they do not start to take the AML implementations seriously. A letter has been sent to the board members of the firms and CEOs warning about the consequences they might face if they do not follow the recommendations provided. Cunningham said, “We also require all firms to review the content of this letter to ensure that they assess their own compliance with the issues identified.”

The senior-level management at the Central Bank will continue to engage with the firm to ensure that they properly address the issue and meet their compliance obligations. 

Related Posts

News

The Chinese central bank confirms digital Yuan mobile app trials

According to a statement, the People’s Bank of China (PBoC) conducts internal tests for the natio...

The Chinese central bank confirms digital Yuan mobile app trials Explore More

News

Singapore Scammers Launder Money Through Online Gambling

Singapore police seized US $736 million worth of cryptocurrencies and virtual assets from money l...

Singapore Scammers Launder Money Through Online Gambling 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

The US Treasury Department OFAC Enforces Whistleblower Programmes

According to the US Treasury’s Department Office of Foreign Assets Control (OFAC), companies must...

The US Treasury Department OFAC Enforces Whistleblower Programmes Explore More

News

Australian Government to Extend AML and CTF Regime

The Australian Government has initiated a consultation on revising the Anti-Money Laundering (AML...

Australian Government to Extend AML and CTF Regime Explore More

News

Over £1 Million Lost to Covid Business Support Fraud in Leeds

Leeds City Council papers have shown 74 cases of Covid business support fraud where more than £1 ...

Over £1 Million Lost to Covid Business Support Fraud in Leeds Explore More

News

FATF Withdraws Switzerland From AML Enhanced Measures List

The Financial Action Task Force (FATF) removed Switzerland from the enhanced money-laundering com...

FATF Withdraws Switzerland From AML Enhanced Measures List Explore More

News

Danish Gaming Regulator to Support the Ministry of Justice’s National AML Strategy

Denmark promises to crackdown on money laundering activities across the nation with a new AML str...

Danish Gaming Regulator to Support the Ministry of Justice’s National AML Strategy Explore More

News

Canadian financial watchdog geared up for FATF compliance

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) plans on closely regul...

Canadian financial watchdog geared up for FATF compliance Explore More

News

UK Amends Corporate Act to Combat Economic Crimes

The UK government reformed the Economic Crime and Corporate Transparency Act to expand regulation...

UK Amends Corporate Act to Combat Economic Crimes Explore More

News

President Biden Takes the Reins with Halting Digital Assets’ Rule Making

Regulatory proposal regarding digital assets has been frozen by President Joe Biden. Biden took h...

President Biden Takes the Reins with Halting Digital Assets’ Rule Making Explore More

News

India and the United States Collaborate to Combat Financial Crime

The US-India Dialogue on Anti-Money Laundering and Countering Terrorism Financing, jointly chaire...

India and the United States Collaborate to Combat Financial Crime Explore More

News

8.3 million users affected in ‘Freepik data breach’

Freepik, a free photo and graphics site, has disclosed a major data breach that affected nearly 8...

8.3 million users affected in ‘Freepik data breach’ Explore More

News

UAE Central Bank Issues AML/CFT Guidance For Exchange Houses

The Central Bank of UAE (CBUAE) has issued guidance for Licensed Exchange Houses (LEH), keeping F...

UAE Central Bank Issues AML/CFT Guidance For Exchange Houses Explore More

News

People’s Bank of China to Monitor Metaverse and NFTs

The Chinese financial watchdogs are all set to expand cryptocurrency crackdown as Gou Wenjun sugg...

People’s Bank of China to Monitor Metaverse and NFTs Explore More

News

UAE Delegation to Visit the US to Discuss AML Initiatives

The UAE and the US put forward their efforts to minimize the risks associated with virtual assets...

UAE Delegation to Visit the US to Discuss AML Initiatives Explore More

News

FinCEN May Release a YouTube Video to Outreach Latest BOI Rules

The Financial Crimes Enforcement Network (FinCEN) director stated they are creating awareness cam...

FinCEN May Release a YouTube Video to Outreach Latest BOI Rules Explore More

News

The UAE Hosts the Egmont Plenary to Promote Global Anti-Money Laundering Efforts

The UAE Financial Intelligence Unit is hosting this year’s Egmont Plenary event, which is e...

The UAE Hosts the Egmont Plenary to Promote Global Anti-Money Laundering Efforts Explore More

News

US State joins international task force targeting COVID-19 investment scams

The Oregon Division of Financial Regulation has recently joined an international enforcement task...

US State joins international task force targeting COVID-19 investment scams Explore More

News

Taiwan’s Security Watchdog is Set to Regulate Local Crypto Industry to Prevent Money Laundering

Taiwan’s top financial regulator is set to become the primary oversight body to monitor the...

Taiwan’s Security Watchdog is Set to Regulate Local Crypto Industry to Prevent Money Laundering Explore More

News

Prevailing Financial Crimes Make London a Safe Haven for Money Launderer

The UK’s capital is exposed to multiple financial crimes including money laundering and thefts wi...

Prevailing Financial Crimes Make London a Safe Haven for Money Launderer Explore More

News

South Korea to Crush Crypto Ignited Illicit Activities

South Korea has announced to eliminate all cryptocurrency-related illegal activities including mo...

South Korea to Crush Crypto Ignited Illicit Activities Explore More

News

CBUAE Cancels Registration of Insurance Broker for AML Non-compliance

The Central Bank of the UAE (CBUAE) has cancelled Al Fazaa’s registration as an insurance a...

CBUAE Cancels Registration of Insurance Broker for AML Non-compliance Explore More

News

Google to Improve its Compliance Program After BTC-e Data Loss

Google has committed to strengthening its legal compliance program after losing data linked with ...

Google to Improve its Compliance Program After BTC-e Data Loss Explore More

News

UK to Mandate the Declaration of Crypto Holdings in Self-Assessment Tax Return Forms

The UK government is looking to mandate the declaration of crypto holding in Self Assessment tax ...

UK to Mandate the Declaration of Crypto Holdings in Self-Assessment Tax Return Forms Explore More

News

South Korea Seizes $47M Worth of Crypto from Tax Evaders

South Korean officials have seized $47 million in cryptocurrency from 12,000 individuals accused ...

South Korea Seizes $47M Worth of Crypto from Tax Evaders 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

Founders of US Crypto Firm Charged with Assisting North Korean Hacking Group in Laundering Money

Two co-founders of the cryptocurrency firm Tornado Cash, Roman Semenov and Roman Storm, were char...

Founders of US Crypto Firm Charged with Assisting North Korean Hacking Group in Laundering Money Explore More

News

Singaporean Banks Enhance Security to Combat Financial Crime

The Monetary Authority of Singapore (MAS) stated that the country’s banks are enhancing security ...

Singaporean Banks Enhance Security to Combat Financial Crime Explore More

News

FATF Urges Qatar to Increase its Efforts Against Money Laundering

A recent FATF evaluation of Qatar’s anti-money laundering procedures says local regulators must w...

FATF Urges Qatar to Increase its Efforts Against Money Laundering Explore More

News

South Korea’s Telecom Giant to Introduce Blockchain Wallets for Official Documents

SK Telecom, a South Korean telecom giant, has announced its first e-wallet for digitally storing ...

South Korea’s Telecom Giant to Introduce Blockchain Wallets for Official Documents Explore More

News

Guyana Strengthens Judicial Officers Ability to Combat Financial Crime

Guyana’s government started asset recovery training for the judicial officers to boost their capa...

Guyana Strengthens Judicial Officers Ability to Combat Financial Crime Explore More

News

FCA Issues Report on Progress of Professional Body AML Supervision (OPBAS)

The report has highlighted key areas of improvement, including effective implementation of a risk...

FCA Issues Report on Progress of Professional Body AML Supervision (OPBAS) Explore More

News

United Nations Calls for a Pact to Fight Financial Crimes

United Nations’ panel of experts has called on the governments around the world to take part in e...

United Nations Calls for a Pact to Fight Financial Crimes Explore More

News

EU’s decision to ban Facial Recognition for five years divides the tech giants

Facial recognition is emerging as a conflicting technology causing key disagreement among the wor...

EU’s decision to ban Facial Recognition for five years divides the tech giants 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

BBB Warns About the Potential Scams Fuelled by the COVID Vaccine Passports

As people around the world are increasingly becoming vaccinated, the concern about the vaccine pa...

BBB Warns About the Potential Scams Fuelled by the COVID Vaccine Passports Explore More

News

Malaysia Leads Southeast Asian Peers in Implementing Anti-Money Laundering and Counter-Terrorism Financing Regulations

Malaysian financial institutes are leading other South Asian countries in complying with anti-mon...

Malaysia Leads Southeast Asian Peers in Implementing Anti-Money Laundering and Counter-Terrorism Financing Regulations 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

India to Introduce Physical Cryptocurrency Bank Branches

India has been rapidly adopting the changes in the digital world and introducing physical banks f...

India to Introduce Physical Cryptocurrency Bank Branches Explore More

News

Rise in Fraud from COVID-19 Bounce Back Loan Scheme

Fraudsters are stealing the money around £400M from taxpayers in the UK through the support loans...

Rise in Fraud from COVID-19 Bounce Back Loan Scheme 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

Guyana plans Amending Anti-Money Laundering Legislation

The government of Guyana is looking to amend the AML/CFT legislation in the National Assembly to ...

Guyana plans Amending Anti-Money Laundering Legislation Explore More

News

Philippines anti-money laundering council demands strict POGO regulations

The Philippines Anti-Money Laundering Council (AMLC) has advised of an “increasing level of threa...

Philippines anti-money laundering council demands strict POGO regulations 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

GIABA to Release Liberia’s AML and CFT Compliance Evaluation Report

The GIABA has finally released its findings about Liberia’s gains and challenges in the fight aga...

GIABA to Release Liberia’s AML and CFT Compliance Evaluation Report 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

Estonian Cryptocurrency Exchange charged for concealing hack

Crex24, an Estonian cryptocurrency exchange, is accused of hiding a hack from its customers after...

Estonian Cryptocurrency Exchange charged for concealing hack Explore More

News

Saudi Arabia has Achieved Another Victory in the Battle Against Financial Crimes

Saudi authorities seized $1.06 million from a criminal gang accused of money laundering. The culp...

Saudi Arabia has Achieved Another Victory in the Battle Against Financial Crimes Explore More

News

Monetary Authority of Singapore to Take Tougher Action Against Data Breaches

To address the data privacy concern, MAS has recommended that data privacy offences should be mad...

Monetary Authority of Singapore to Take Tougher Action Against Data Breaches 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

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

The Financial Market Authority (FMA) has issued a formal warning to Pencarrow Private Equity Mana...

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

News

Japanese Gaming Giant Capcom Fell Victim to Cyberattacks

The famous gaming giant, Capcom, is being blackmailed by cyberattackers to pay $11 million bitcoi...

Japanese Gaming Giant Capcom Fell Victim to Cyberattacks 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

Increasing Incidents of Fraud Becoming a Threat to UK’s National Security: UK Finance

Automated systems prevented approximately 736 million pounds ($1 billion) from being stolen throu...

Increasing Incidents of Fraud Becoming a Threat to UK’s National Security: UK Finance Explore More

News

Estonia’s New AML/CFT Regulatory Regime Sparks 80% Downfall in Licensed Crypto Firms

Since May 2023, Estonia’s updated crypto AML/CFT regulations have resulted in an 80% reduction in...

Estonia’s New AML/CFT Regulatory Regime Sparks 80% Downfall in Licensed Crypto Firms Explore More

News

Video KYC: The New Normal in the Insurance Industry

Since everything is moving to digital platforms, the Insurance Regulatory and Development Authori...

Video KYC: The New Normal in the Insurance Industry Explore More

News

UK Customers Losse £580m to Identity Scammers in First Half of 2023

UK Finance disclosed that identity theft is a proliferating scam, and they recorded 1.4m fraud ca...

UK Customers Losse £580m to Identity Scammers in First Half of 2023 Explore More

News

China Strides Forwards with New KYC Rules to Rein Money laundering

China is stepping up to fight its long-running battle against financial crimes such as money laun...

China Strides Forwards with New KYC Rules to Rein Money laundering Explore More

News

Roll-out of vital banking fraud check postponed again due to Coronavirus

A crucial banking security check that could avert the loss of millions of pounds to internet frau...

Roll-out of vital banking fraud check postponed again due to Coronavirus Explore More

News

Pakistan Launches Contactless Biometric Verification for Banking

Pakistan has become one of the first countries in the world to implement biometric verification t...

Pakistan Launches Contactless Biometric Verification for Banking 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

China Makes Facial Recognition Mandatory For Smartphone Users

China is making it mandatory for all smartphone users who register new SIM cards to submit to fac...

China Makes Facial Recognition Mandatory For Smartphone Users Explore More

News

Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance

Japan’s Financial Services Agency (FSA) has strictly directed financial institutions to devise a ...

Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance Explore More

News

China Introduces 5-Point Strategy to Enforce Crypto AML Measures

China’s newly appointed governor of the Central Bank emphasised the AML regulations to safeguard ...

China Introduces 5-Point Strategy to Enforce Crypto AML Measures Explore More

News

DFSA and Financial Intelligence Collaborate to Combat Financial Crime in UAE

Memorandum of Understanding (MoU) between the Dubai Financial Services Authority (DFSA) and the F...

DFSA and Financial Intelligence Collaborate to Combat Financial Crime in UAE Explore More

News

Ontarians Lost More than $118M to ‘Grandparent Scam’ in 2022, Reports

‘Grandparent scam’ cost Ontario residents more than $118 million. Scammers call elderly people an...

Ontarians Lost More than $118M to ‘Grandparent Scam’ in 2022, Reports Explore More

News

UAE Strengthens AML Measures to Bolster Virtual Asset Framework

The UAE’s anti-money laundering and counter-terrorism financing department stated it continues bo...

UAE Strengthens AML Measures to Bolster Virtual Asset Framework Explore More

News

FATF Withdraws Switzerland From AML Enhanced Measures List

The Financial Action Task Force (FATF) removed Switzerland from the enhanced money-laundering com...

FATF Withdraws Switzerland From AML Enhanced Measures List Explore More

News

Saskatchewan Government Invests $1.66m to Support Fight Against Money Laundering

The Government of Saskatchewan is spending $1.66 million on the Civil Forfeiture Program to back ...

Saskatchewan Government Invests $1.66m to Support Fight Against Money Laundering Explore More

News

China Raises Penalty, Broadens Scope of AML Laws

The People’s Bank of China (PBOC) has published a revised draft for the country’s AML law which e...

China Raises Penalty, Broadens Scope of AML Laws 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

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