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

    18.97.9.171

    Japan FSA, Central Bank to Assess FI’s AML, Anti-fraud Measures

    japan fsa

    Reports have revealed that Japan’s FSA and BOJ are seeking to better understand whether the current AML, anti-fraud, and cybersecurity measures at FIs are sufficient. 

    The Financial Services Agency (FSA) and the Bank of Japan (BOJ) are planning to dig deeper into how well AML and anti-fraud measures are working at regional banks and other financial institutions, according to Nikkei.

    The investigation is expected to commence as soon as this summer due to the surge in fraudulent money transfers in the country. A report by Japan’s National Police Agency revealed that 1,734 fraudulent online money transfers took place last year. This depicts a 16% rise compared to last year. 

    The aim behind the regulator’s investigation is to check whether FIs are taking necessary precautions to counter fraudulent money transfers. In case of any deficiencies, further assessments and actions will be implemented. 

    The regulators will also be investigating the status of Anti-Money Laundering procedures at banks and other financial institutions. This follows a revision of the FSA’s AML guidelines issued this February, which aimed to enhance customer management at banks. 

    The BOJ has been made part of the investigation at the request of the FSA, as numerous financial institutions may be involved. Although the bank does not have supervisory authority, it can assist FSA by collecting and sharing information through on-site examinations of FIs.  

    Depending on the results compiled, each FI that lacks necessary measures will be issued improvement orders or requested to submit reports regarding their finances and operations. 

    Nikkei also reveals that the FATF (Financial Action Task Force) is set to publish an assessment of Japan’s AML framework in August, pointing out insufficient internal control measures at Japanese FIs. 

    In the previous assessment by the FATF conducted in 2008, numerous FIs in Japan were pointed out for having lax identity verification controls in place. The latest assessment is expected to follow in the same footsteps, highlighting shortcomings and potential results in Japan being placed into enhanced follow-up.

    New legislation is also expected to be introduced to parliament next year to strengthen the existing penalty regime for AML violations.

    Suggested Read: Japanese FSA to Beef Up AML Systems from Fiscal 2021

    Related Posts

    News

    Swedish Gaming Authority Fines Kindred, ATG, and PinBet for AML Failures

    Swedish gaming authority has fined Kindred, ATG, and PinBet £1.4m, €1.7m, and $1.8m, respectively...

    Swedish Gaming Authority Fines Kindred, ATG, and PinBet for AML Failures Explore More

    News

    MEPs Disclose Plans To Crack Down On Money Laundering – AMLA Reports

    The civil liberties and economic affairs committees discussed the plan to establish an EU Authori...

    MEPs Disclose Plans To Crack Down On Money Laundering – AMLA Reports 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

    $2 Trillion Moved and Now Banks Resist Money Laundering Orders

    According to the ICIJ journalist, BuzzFeed shared some documents disclosing the attitude of finan...

    $2 Trillion Moved and Now Banks Resist Money Laundering Orders Explore More

    News

    Authorities Struggle in Mexico as Cartels Use Crypto for Laundering Funds

    The head of financial intelligence in Mexico has revealed that the law enforcement authorities ar...

    Authorities Struggle in Mexico as Cartels Use Crypto for Laundering Funds 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

    RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures

    The RICS has issued a statement for its members urging them to adopt ‘extremely careful’ measures...

    RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures Explore More

    News

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

    New York’s top financial regulator has fined Robinhood $30 million for failures and shortcomings ...

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

    News

    Conveyancers Used for Laundering Millions of Pounds across the UK

    Government warns that hundreds of millions of pounds are being laundered by criminals across the ...

    Conveyancers Used for Laundering Millions of Pounds across the UK Explore More

    News

    Two foreign nationals charged with Cryptocurrency laundering

    The United States Department of Justice has charged two Chinese nationals with laundering $100 mi...

    Two foreign nationals charged with Cryptocurrency laundering Explore More

    News

    Google launches a new website to educate people about online scams

    Hackers are more active during the COVID-19 outbreak than normal routine, considering which Googl...

    Google launches a new website to educate people about online scams Explore More

    News

    The Financial Intelligence Analysis Unit Levies Fines Worth €2.2 Million in the First Half of 2023

    The Financial Intelligence Analysis Unit fined €2.2 million in the first half of 2023. A constitu...

    The Financial Intelligence Analysis Unit Levies Fines Worth €2.2 Million in the First Half of 2023 Explore More

    News

    Visa and BlockFi Team Up to Launch Bitcoin Rewards for Credit Card Users

    As digital currencies are entering different regions of the world, financial giants are introduci...

    Visa and BlockFi Team Up to Launch Bitcoin Rewards for Credit Card Users 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

    EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats

    The European Union’s ban on cash payments over €10,000 for transactions such as car payments is e...

    EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats Explore More

    News

    Cybercrime to Surge in Cryptocurrency Even in Post COVID-19 Economy

    According to a report by Kaspersky Lab about cybersecurity and antivirus, in the post-COVID-19 wo...

    Cybercrime to Surge in Cryptocurrency Even in Post COVID-19 Economy Explore More

    News

    Livestreaming Helps Shanghai Police Crack Money Laundering Case

    There has been an arrest of a live streamer by Shanghai police who had been tipped off by a live ...

    Livestreaming Helps Shanghai Police Crack Money Laundering Case Explore More

    News

    Portuguese Banks Restrict Services for Crypto Exchanges, Citing Risky Grounds

    Portuguese banks have restricted services of multiple crypto exchange firms operating in the coun...

    Portuguese Banks Restrict Services for Crypto Exchanges, Citing Risky Grounds Explore More

    News

    AI-based voice cloning induces new scams

    Vijay Balasubramaniyan, the CEO, CTO, and Co-founder of Pindrop Security, warns the world about a...

    AI-based voice cloning induces new scams Explore More

    News

    FATF Reveals Qatar’s Failure to Enforce Crypto Ban to Combat Money Laundering

    Qatari authorities have taken naive action against crypto companies that violated a ban announced...

    FATF Reveals Qatar’s Failure to Enforce Crypto Ban to Combat Money Laundering Explore More

    News

    Amazon patents block chain-based product authenticator

    The U.S. Patent and Trademark Office approved Amazon’s three-year-old “Distributed ledger certifi...

    Amazon patents block chain-based product authenticator Explore More

    News

    Exchanges in Nigeria to Take Measures Against Crypto Scams

    Nigerian cryptocurrency industry is to take strong measures to guarantee a safe trading environme...

    Exchanges in Nigeria to Take Measures Against Crypto Scams Explore More

    News

    Palm Beach Art Dealer Charged With Money Laundering Through Fake Art

    South Florida federal court received a complaint accusing art dealer Daniel Elie Bouaziz of wire ...

    Palm Beach Art Dealer Charged With Money Laundering Through Fake Art Explore More

    News

    Chinese Banks Promise To Step Up Cryptocurrency Ban

    Some of the biggest banks in China have promised to refuse help to customers that trade with Bitc...

    Chinese Banks Promise To Step Up Cryptocurrency Ban Explore More

    News

    Nigeria Remains on FATF Gray List Due to Compliance Failures

    Nigeria failed to pass a full-scale AML system review conducted by the global regulatory authorit...

    Nigeria Remains on FATF Gray List Due to Compliance Failures 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

    Chinese Bank trials the test interface for PBoC’s Digital Currency

    One of China’s largest state-owned banks, the Agricultural Bank of China (ABC) is testing a new i...

    Chinese Bank trials the test interface for PBoC’s Digital Currency Explore More

    News

    HSBC reports money laundering violations in Australia

    LONDON – According to Reuters, HSBC bank (HSBA.L) has reported itself to the Australian fin...

    HSBC reports money laundering violations in Australia 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

    NGOs Advised on Due Diligence to Tackle Terrorism Financing

    The Financial Crimes Commission’s SCUML has advised Non-Governmental Organizations (NGOs) to cond...

    NGOs Advised on Due Diligence to Tackle Terrorism Financing Explore More

    News

    AUSTRAC to Audit Three Bell Financial Group Entities to Evaluate AML/CFT Compliance

    AUSTRAC has called for the audit of three entities under the Bell Financial Group, including Bell...

    AUSTRAC to Audit Three Bell Financial Group Entities to Evaluate AML/CFT Compliance Explore More

    News

    Switzerland Endorses Rigorous AML Measures

    Switzerland has introduced new anti-money laundering regulations to bolster financial institutes&...

    Switzerland Endorses Rigorous AML Measures Explore More

    News

    SFC Imposed a HK$9 Fine on RIFA Future for KYC Failings

    RIFA Limited was charged by the domestic regulatory authority of Hong Kong, the Securities and Fu...

    SFC Imposed a HK$9  Fine on RIFA Future for KYC Failings Explore More

    News

    Nigeria Employs New BOR Initiative to be Removed from FATF’s Gray List

    A Beneficial Ownership Register (BOR) has been inaugurated by the Corporate Affairs Commission (C...

    Nigeria Employs New BOR Initiative to be Removed from FATF’s Gray List Explore More

    News

    UK Launches New Crypto Asset Promotion Rules

    The UK’s latest obligations on the promotions of the crypto service providers came into force thi...

    UK Launches New Crypto Asset Promotion Rules Explore More

    News

    Philippine Banks Struggle to Comply with AML Regulations

    Philippian banks and financial institutions are struggling with compliances regarding the anti-mo...

    Philippine Banks Struggle to Comply with AML Regulations Explore More

    News

    The Commodity Futures Trading Commission to Regulate the Crypto Market with “Full Oversight Capabilities”

    The chairman of the CFTC discussed that his agency would regulate the crypto market.  Digital Com...

    The Commodity Futures Trading Commission to Regulate the Crypto Market with “Full Oversight Capabilities” Explore More

    News

    Shufti’s Age Verification Solution Approved by KJM

    Germany’s Commission for media, Kommission für Jugendmedienschutz (KJM), has approved Shufti’...

    Shufti’s Age Verification Solution Approved by KJM Explore More

    News

    United Nations Ranks Kenya at Position 24 in the Dirty Money Business

    Every year, the United Nations conducts surveys on how the countries are performing. One of the U...

    United Nations Ranks Kenya at Position 24 in the Dirty Money Business Explore More

    News

    US Department Of Justice Announces Enforcement Actions to Regulate Cryptocurrency

    The US Department of Justice (DOJ) announced several enforcement actions against cryptocurrency a...

    US Department Of Justice Announces Enforcement Actions to Regulate Cryptocurrency 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

    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

    FCA Fines Santander and Metro Bank for AML Compliance Gaps

    The financial market regulator FCA has found compliance gaps in Anti Money Laundering (AML) syste...

    FCA Fines Santander and Metro Bank for AML Compliance Gaps Explore More

    News

    EU Money Laundering Overhaul Should Include NFT Platforms, Lawmakers Say

    The two crypto legislation adopted last week did not include unhosted wallets and decentralised f...

    EU Money Laundering Overhaul Should Include NFT Platforms, Lawmakers Say Explore More

    News

    Singapore Passes Stringent Regulations to Clamp Down on Money Mules

    Singapore has passed stringent regulations to clamp down on money mules and those who give contro...

    Singapore Passes Stringent Regulations to Clamp Down on Money Mules Explore More

    News

    FATF Urges Member Countries To Lead by Example in Implementing Travel Rule

    The global financial watchdog FATF has urged countries to implement the travel rule in the legisl...

    FATF Urges Member Countries To Lead by Example in Implementing Travel Rule Explore More

    News

    MP Calls in For UK’s Defences in Opposition to “Dirty Money” Overrun

    The cross-party group of MP declares UK defences in becoming the “jurisdiction of choice for dirt...

    MP Calls in For UK’s Defences in Opposition to “Dirty Money” Overrun Explore More

    News

    German Watchdog Extends N26 Measures to Prevent Money Laundering

    BaFin, the German financial regulator, stated on July 17th, that it was extending its measures to...

    German Watchdog Extends N26 Measures to Prevent Money Laundering Explore More

    News

    China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months

    China has passed a law to prevent telecom and online scams, allowing enforcement agencies to foll...

    China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months 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

    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

    FCA Warns Against Unregistered Crypto ATM Use

    The Financial Conduct Authority (FCA) has begun taking action against unauthorised crypto ATMs in...

    FCA Warns Against Unregistered Crypto ATM Use 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

    “Online Trading Platforms to Become a New Hub for Investment Scams” Warns FCA

    FCA warns that investment scams are increasing in the UK via online means of trading platforms an...

    “Online Trading Platforms to Become a New Hub for Investment Scams” Warns FCA Explore More

    News

    Conveyancers Used for Laundering Millions of Pounds across the UK

    Government warns that hundreds of millions of pounds are being laundered by criminals across the ...

    Conveyancers Used for Laundering Millions of Pounds across the UK Explore More

    News

    Russians Approach UAE’s Crypto Firms in Search of Safe Havens

    The UAE’s crypto firms and real estate sector are being used by Russians as safe havens to liquid...

    Russians Approach UAE’s Crypto Firms in Search of Safe Havens Explore More

    News

    “The Community” Fined $120M for Multi-million Cryptocurrency Theft Scheme

    A sixth member of “The Community” was sentenced to 10-month imprisonment and over $120,000 fine f...

    “The Community” Fined $120M for Multi-million Cryptocurrency Theft Scheme Explore More

    News

    Central Bank of Nigeria (CBN) Gives Financial Institutions 30 day Deadline to Close Accounts Without Bank Verification (BVN)

    Financial institutions and banks have been given a 30 days notice period by the Central Bank of N...

    Central Bank of Nigeria (CBN) Gives Financial Institutions 30 day Deadline to Close Accounts Without Bank Verification (BVN) Explore More

    News

    Interpol Calls for Global Action to Prevent “Ransomware Pandemic”

    Interpol has called for united global action to be implemented against ransomware attacks, follow...

    Interpol Calls for Global Action to Prevent “Ransomware Pandemic” Explore More

    News

    Bithumb, Coinone and Korbit Team Up for FATF Travel Rule Compliance

    Bithumb, Coinone and Korbit have founded a joint venture to facilitate all efforts for maintainin...

    Bithumb, Coinone and Korbit Team Up for FATF Travel Rule Compliance Explore More

    News

    UK Approves New Age Verification Laws to Protect Children

    The UK government approved the “Online Safety Bill,” which contains measures to protect children ...

    UK Approves New Age Verification Laws to Protect Children Explore More

    News

    HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations

    HM Revenue & Customs has fined property firms more than £1 million for not complying with ant...

    HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations 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

    Crypto Adoption on the Rise, PayPal will Offer Crypto Payments in 2021

    In the digital era, companies are shifting toward digital means of communication. Banks have plan...

    Crypto Adoption on the Rise, PayPal will Offer Crypto Payments in 2021 Explore More

    News

    Vietnam Collaborates with UK to Enhance AML Law Enforcement

    The Vietnam Ministry of Public Security delegation, led by Deputy Minister Lieutenant General, Le...

    Vietnam Collaborates with UK to Enhance AML Law Enforcement Explore More

    News

    CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture

    The Council for Scientific and Industrial Research (CSIR) has reported that cyberattacks have inc...

    CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture 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

    T-Mobile Suffers its Second Security Breach within Six Months

    T-mobile US suffered its second data breach between late February and early March, affecting 836 ...

    T-Mobile Suffers its Second Security Breach within Six Months Explore More

    News

    Ransomware attacks rise as criminals target remote working

    Ransomware attacks are getting bigger and bolder at a time where many organisations are implement...

    Ransomware attacks rise as criminals target remote working Explore More

    News

    CBN Fines GTBank N128M for Failing to Meet AML and CTF Requirements

    The Central Bank of Nigeria (CBN) has charged Guaranty Trust Bank (GTBank) with N128 million for ...

    CBN Fines GTBank N128M for Failing to Meet AML and CTF Requirements Explore More

    News

    FATF Claims Golden Visa Programs Raise Financial Crimes Activities

    The international regulatory body, Financial Action Task Force (FATF), reported that Citizenship ...

    FATF Claims Golden Visa Programs Raise Financial Crimes Activities Explore More

    News

    North Korean bankers charged in $2.5 billion money-laundering scheme

    The US Department of Justice recently revealed criminal charges against about twenty-four North K...

    North Korean bankers charged in $2.5 billion money-laundering scheme 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