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

    216.73.216.219

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

    left in limbo news

    Today is the deadline for the digital currency firms to be registered with the UK’s financial regulator or cease operation in the country, a move that has been largely criticized by the industry.

    This requirement emerged as a part of the Financial Conduct Authority’s (FCA) attempt to curb money laundering and other financial crimes in the cryptocurrency market. Cryptocurrency firms operating in Britain must demonstrate that they comply with anti-money laundering (AML) regulations to get approval from the FCA. However, last Thursday FCA told CNBC that it has permitted just 33 cryptocurrency firms’ applications, meaning many companies were in a race to gain the license, or in some cases chosen to leave the UK market.

     

    A spokesperson from the FCA said: “We have been reviewing crypto-asset firms’ applications to ensure they meet the minimum standards we expect – that those who run these firms are fit and proper and that they have adequate systems to identify and prevent flows of money from crime. These are in place so our financial system is not open to abuse by those who want to move and hide money made from violence, drugs, corruption, or the exploitation of others.”

    However, 12 firms, including Copper Technologies and Revolut were given an extension by the FCA.  The FCA registration deadline has received mixed reactions from the cryptocurrency industry entities. Some hail the FCA’s efforts as a significant step to regulate the crypto market often described as the “wild west”, and to ensure the safety of digital users.

    Others, however, see it as a dangerous move that could halt the UK’s participation in an increasingly valuable market.

    James Kaufmann, a lawyer at Howard Kennedy specializing in crypto regulation, told UKTN that the FCA deadline “reflects the disinclination toward crypto at an institutional level”. He said that the regulator hasn’t “approached this like a normal AML certification” and has “essentially asked firms to do a full application”.

    Kaufmann is concerned that it could make the UK “less appealing” for cryptocurrency companies to do business, with firms more likely to choose places without “frictional costs”.

    He described what the FCA is doing to the crypto industry in the UK as “senseless to the reality that crypto is here to stay” and that it “potentially threatens the UK’s eminence as a financial center”.

    Suggested Read: EU to Introduce Uniform Legal Framework for Crypto Assets

    Related Posts

    News

    UAE Firms Must Disclose UBO’s to Avoid Dirty Money Watch List

    500,000+ firms in the UAE (United Arab Emirates) face disclosure of their Ultimate Beneficial Own...

    UAE Firms Must Disclose UBO’s to Avoid Dirty Money Watch List Explore More

    News

    EUR 27 Million Worth Crypto Assets Seized by the NCA in Money Laundering Crackdown

    NCA seizes crypto assets worth £27m last year in a major money laundering crackdown Although inst...

    EUR 27 Million Worth Crypto Assets Seized by the NCA in Money Laundering Crackdown Explore More

    News

    One-third of Finance Firms Have Accelerated Use of AI to Detect Money Laundering

    Financial institutions are heavily investing in Artificial Intelligence (AI) and Machine Learning...

    One-third of Finance Firms Have Accelerated Use of AI to Detect Money Laundering Explore More

    News

    UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs

    The UK’s Financial Conduct Authority has ordered crypto firms operating illegally in the country ...

    UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs Explore More

    News

    Council of Europe Shows Support to Serbian Authorities For Combating Money Laundering

    The Council of Europe stays dedicated to showing support to authorities for fighting money-launde...

    Council of Europe Shows Support to Serbian Authorities For Combating Money Laundering Explore More

    News

    Coronavirus affects challenger banks as app downloads decline

    According to Finbold, top challenger banks in the United Kingdom have noticed a sudden decline in...

    Coronavirus affects challenger banks as app downloads decline Explore More

    News

    Morocco’s Parliament Unanimously Approves the Bill to Amend AML Regulations

    The House of Representatives of Morocco has unanimously agreed to pass the bill to amend the anti...

    Morocco’s Parliament Unanimously Approves the Bill to Amend AML Regulations 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

    UAE Authorities to Coordinate Efforts Against ML/TF Among NPOs

    The UAE’s Ministry of Community Development and the Financial Intelligence Unit have established ...

    UAE Authorities to Coordinate Efforts Against ML/TF Among NPOs Explore More

    News

    Australian Government Announces Development of Gambling Regulations Commission

    Australian spokespersons for Gambling and Harm Reduction forced the New South Wales (NSW) governm...

    Australian Government Announces Development of Gambling Regulations Commission 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

    Facebook affirms Libra commitment with new job openings

    According to the Irish Times. Facebook is planning to hire 50 people for its payment app Calibra ...

    Facebook affirms Libra commitment with new job openings Explore More

    News

    Nexo to Sue Bulgarian State over Money Laundering Allegations

    The Bulgarian crypto lending bank, Nexo, revealed that it would file legal action against the Bul...

    Nexo to Sue Bulgarian State over Money Laundering Allegations Explore More

    News

    5 Billion Unique Credentials Circulating on Darknet

    According to the report released by security firm Digital Shadows, a total of 15 billion user cre...

    5 Billion Unique Credentials Circulating on Darknet Explore More

    News

    BSA-AML Compliance Group Disclose Names of Annual Gaming Conference Speakers

    The BSA-AML Compliance group has revealed the names of the speakers attending the annual gaming c...

    BSA-AML Compliance Group Disclose Names of Annual Gaming Conference Speakers Explore More

    News

    EUR 27 Million Worth Crypto Assets Seized by the NCA in Money Laundering Crackdown

    NCA seizes crypto assets worth £27m last year in a major money laundering crackdown Although inst...

    EUR 27 Million Worth Crypto Assets Seized by the NCA in Money Laundering Crackdown Explore More

    News

    Hong Kong Police Reveals 822 Romance Scams Occurred in 1H of 2021

    The Hong Kong Police has advised the public to remain cautious when meeting people online due to ...

    Hong Kong Police Reveals 822 Romance Scams Occurred in 1H of 2021 Explore More

    News

    Australian Bank, Westpac, Accused of 23 Million Money Laundering Breaches

    Australia’s financial intelligence agency, The Australian Transaction Reports and Analysis Centre...

    Australian Bank, Westpac, Accused of 23 Million Money Laundering Breaches Explore More

    News

    Italian Regulators Block Consumers from Investing in Binance

    Italy has joined the list of warnings against Binance, directing citizens to avoid investing in t...

    Italian Regulators Block Consumers from Investing in Binance Explore More

    News

    Investment platforms on target of Criminals to Launder Stolen COVID Relief funds

    Sophisticated fraudsters with expert knowledge in tech are stealing the COVID-19 relief funds fro...

    Investment platforms on target of Criminals to Launder Stolen COVID Relief funds Explore More

    News

    South Korea’s Largest Crypto Exchange Upbit Registers with KoFIU for AML

    Upbit is reportedly the first South Korean crypto exchange to register the Korean Financial Intel...

    South Korea’s Largest Crypto Exchange Upbit Registers with KoFIU for AML 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

    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

    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

    The IRS Issues Last Minute-Warning To Avoid Tax Penalties

    A new warning has been issued by the IRS with the introduction of an identity protection pin that...

    The IRS Issues Last Minute-Warning To Avoid Tax Penalties Explore More

    News

    Ontario’s Casinos Need to Strengthen Efforts to Curb Money Laundering

    According to Auditor General Bonnie Lysyk, Ontario’s casinos need to strengthen efforts in order ...

    Ontario’s Casinos Need to Strengthen Efforts to Curb Money Laundering Explore More

    News

    Bitcoin ATMs face stricter regulations over money laundering

    According to experts, Bitcoin ATMs (BATMs) will face stern regulations globally, with countries s...

    Bitcoin ATMs face stricter regulations over money laundering Explore More

    News

    IMF Joins Hands with Philippines on Wholesale CBDC Project

    IMF has announced the collaboration with BSP (Bangko Sentral ng Pilipinas) for the development of...

    IMF Joins Hands with Philippines on Wholesale CBDC Project Explore More

    News

    Financial Crimes Surged Amid COVID-19, Says FATF

    Financial Action Task Force (FATF) speaks up about the adverse effects of COVID-19 on financial r...

    Financial Crimes Surged Amid COVID-19, Says FATF Explore More

    News

    Rabobank’s Profits Drop Over Shut Down in Russia and Increased AML Costs

    Dutch Cooperative Rabobank revealed that its profit plunged more than a quarter in the first half...

    Rabobank’s Profits Drop Over Shut Down in Russia and Increased AML Costs 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

    11 Arrested for Illegal Offshore and Cross-Border Gambling Activities in Macau

    11 people arrested along with businessman Alvin Chau in an investigation of bogus gambling scheme...

    11 Arrested for Illegal Offshore and Cross-Border Gambling Activities in Macau Explore More

    News

    AMLA Adds New Protections and Financial Incentives for US Whistleblowers

    Anti Money Laundering Act 2020, has amended the recently enacted AML whistleblower improvement ac...

    AMLA Adds New Protections and Financial Incentives for US Whistleblowers Explore More

    News

    Ransomware attack targets Victoria Beckham’s personal data

    Maze, the Ransomware gang strikes again. It seems that the victim this time is a US-based indepen...

    Ransomware attack targets Victoria Beckham’s personal data Explore More

    News

    Crown Casinos Fined $450 Million for AML Failures

    Casino operator Crown should pay a fine of $450 million for 546 violations of anti-money launderi...

    Crown Casinos Fined $450 Million for AML Failures Explore More

    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

    Swiss Prosecutor Identifies Trail to Credit Suisse Money Laundering Case

    A Swiss Prosecutor has identified the trail leading to the Credit Suisse money laundering case wo...

    Swiss Prosecutor Identifies Trail to Credit Suisse Money Laundering Case Explore More

    News

    BitGo settles with US Treasury; Sanctions Violations will Cost $98,830

    The U.S. Treasury has settled with BitGo over costs that it helped users in authorised divisions ...

    BitGo settles with US Treasury; Sanctions Violations will Cost $98,830 Explore More

    News

    FATF issues new guidance on Digital Identity systems

    A guidance paper has been issued by the Financial Action Task Force (FATF) to assist governments,...

    FATF issues new guidance on Digital Identity systems Explore More

    News

    Despite the Concerns, Arizona Bans Vaccine Passports for Government

    Governor of Arizona, Doug Ducey has restricted the local and state government agencies from askin...

    Despite the Concerns, Arizona Bans Vaccine Passports for Government Explore More

    News

    El Salvador Must Address Bitcoin’s Risks, Demands IMF

    The IMF has urged El Salvador to address the risk associated with the adoption of bitcoin as a le...

    El Salvador Must Address Bitcoin’s Risks, Demands IMF 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

    Biden Going After Crypto Tax Evaders with Data Sharing Initiative

    President Biden’s administration is proposing global cooperation to curb the threat of crypto-rel...

    Biden Going After Crypto Tax Evaders with Data Sharing Initiative Explore More

    News

    House Bill Passed in Philippine to Enforce AML LAW

    House of Representatives has approved legal amendments to regulate the developers, metal dealers,...

    House Bill Passed in Philippine to Enforce AML LAW Explore More

    News

    UK Adopts new Methods to Fight Money Laundering Through Sanction Regime

    The UK declared a new sanction regime against financial crimes like money laundering. According t...

    UK Adopts new Methods to Fight Money Laundering Through Sanction Regime Explore More

    News

    Sri Lanka removed from the high-risk money-laundering list

    COLOMBO – Sri Lanka was recently removed from the list of high-risk countries for money lau...

    Sri Lanka removed from the high-risk money-laundering list Explore More

    News

    Govt assists Struggling Swiss Crypto Valley

    Switzerland’s “Crypto Valley” is in talks with the federal government for fixing a 100 million Sw...

    Govt assists Struggling Swiss Crypto Valley Explore More

    News

    UAE Deploys Hi-Tech Measures to Combat Money Laundering

    The UAE has intensified its measures in the fight against money laundering and terrorism financin...

    UAE Deploys Hi-Tech Measures to Combat Money Laundering Explore More

    News

    AUSTRAC Warns Banks Against Closing Accounts of Crypto Traders

    AUSTRAC shows full support for the Australian crypto industry and is issuing warnings to banks ag...

    AUSTRAC Warns Banks Against  Closing Accounts of Crypto Traders Explore More

    News

    Nigerian House of Representatives Pledges Strict Regulations Against Money Laundering and Terrorism Financing

    The Nigerian House of Representatives Committee on Financial Crimes stated they would design stri...

    Nigerian House of Representatives Pledges Strict Regulations Against Money Laundering and Terrorism Financing Explore More

    News

    EU to Disclose the Names of the Non-Compliant Banks

    EBA, The European Banking Authority is setting up a database to highlight the names of banks and ...

    EU to Disclose the Names of the Non-Compliant Banks Explore More

    News

    Uruguay Faces 3 Obstacles in the Fight Against Money Laundering

    Uruguay’s national secretariat unit, SENACLAFT, revealed three obstacles in fighting money launde...

    Uruguay Faces 3 Obstacles in the Fight Against Money Laundering Explore More

    News

    British Columbia Makes Regulatory Change to Combat Money Laundering

    The British Columbia government is providing the gambling regulator of the province more independ...

    British Columbia Makes Regulatory Change to Combat Money Laundering Explore More

    News

    FBI Expands its Corruption Unit to Closely Monitor Illicit Activities

    The Federal Bureau of Investigation (FBI) has stepped in, to monitor international corruption by ...

    FBI Expands its Corruption Unit to Closely Monitor Illicit Activities Explore More

    News

    Crypto Mixers, Helix and Coin Ninja, Fined by FinCEN for Bank Secrecy Act Violation

    Larry Dean Harmon, founder of Helix and Coin Ninja, has been fined $60 million for being involved...

    Crypto Mixers, Helix and Coin Ninja, Fined by FinCEN for Bank Secrecy Act Violation 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

    Brace for Home Visits, FCA Warns Remote Traders and Bankers

    UK’s Financial Conduct Authority has issued a warning for all hybrid-working financial institutio...

    Brace for Home Visits, FCA Warns Remote Traders and Bankers 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

    Mass Stablecoin Adoption Could Assist Financial Crime – Says FATF

    FATF suggests nations and financial service providers should identify potential risks of cryptocu...

    Mass Stablecoin Adoption Could Assist Financial Crime – Says FATF Explore More

    News

    Global Plight: Australia Paves the Way for Money Laundering in the Property

    Australia facilitates money laundering through the property, causing a global plight and perpetua...

    Global Plight: Australia Paves the Way for Money Laundering in the Property Explore More

    News

    UN Warns of Increased Money Laundering Risk from Mekong Casinos

    The UN officials claimed transnational criminal gangs are exploiting Southeast Asia’s gaming and ...

    UN Warns of Increased Money Laundering Risk from Mekong Casinos Explore More

    News

    Credit Cards are Risky for Crypto Transactions, Says Taiwan’s Financial Watchdog

    Credit cards should not be used for crypto-related transactions, as stated by Taiwan’s financial ...

    Credit Cards are Risky for Crypto Transactions, Says Taiwan’s Financial Watchdog Explore More

    News

    Ireland Mandates Registration of Crypto Firms Under AML Laws

    Ireland has taken new measures to regulate crypto businesses under the AML law for the first time...

    Ireland Mandates Registration of Crypto Firms Under AML Laws Explore More

    News

    Hong-Kong Police Crack money-laundering Cartel of Processing HK$119 Million in 2 months

    Hong Kong police have rounded up 11 men in a crackdown on a cross-border syndicate with a suspect...

    Hong-Kong Police Crack money-laundering Cartel of Processing HK$119 Million in 2 months Explore More

    News

    UK’s AML Regulations for Art Market Excludes Art Creators

    The UK to implement new Anti-Money Laundering regulation to cover the art market from 10th June 2...

    UK’s AML Regulations for Art Market Excludes Art Creators Explore More

    News

    UK and UAE Take Steps in Joint Efforts to Combat Money Laundering

    In the UAE-UK Partnership to Tackle Illicit Financial Flows, the two countries are in talks about...

    UK and UAE Take Steps in Joint Efforts to Combat Money Laundering Explore More

    News

    Experts Warn that Scammers are Exploiting EU Users on Meta’s Threads

    Meta’s Threads app has become the newest platform for cyber scammers to commit identity theft, cr...

    Experts Warn that Scammers are Exploiting EU Users on Meta’s Threads Explore More

    News

    Lithuanian Government Approves Amendment to Strengthen Digital Currency Regulations

    Lithuania is on the verge of becoming the first country in Europe to pass strict laws on digital ...

    Lithuanian Government Approves Amendment to Strengthen Digital Currency Regulations Explore More

    News

    Nearly $30 Billion Laundered Through Canada’s Real Estate – Says TIC

    A joint study by Transparency International Canada and the End Snow Washing Coalition highlighted...

    Nearly $30 Billion Laundered Through Canada’s Real Estate – Says TIC Explore More

    News

    Swedbank Estonia Reports High-Risk Client for Laundering $2 Billion

    Swedbank Estonia labeled one of its clients a “high-risk” company due to suspicious transactions ...

    Swedbank Estonia Reports High-Risk Client for Laundering $2 Billion Explore More

    News

    Star Casino’s Share Tumbles 21% Following Money Laundering Allegations

    Individuals banned from gambling at the Star casino in Sydney had been permitted to gamble at Sta...

    Star Casino’s Share Tumbles 21% Following Money Laundering Allegations Explore More

    News

    Myanmar Promises Improvements after FATF’s Blacklisting

    Myanmar’s central bank has made promises of reforms and issued a warning against currency m...

    Myanmar Promises Improvements after FATF’s Blacklisting 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