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

    216.73.216.68

    MAS Imposed a Fine of $375,000 on UOB Kay Hian For Business Conduct Compliance Failures

    n-img-mas

    The Monetary Authority of Singapore (MAS) imposed a fine of S$375,000 on UOB Kay Hian, a brokerage firm, over business compliance negligence. The company paid the full penalty and remediated the failures.

    On Wednesday, UOB Kay Hian, a brokerage firm, was fined for not following business conduct protocols. MAS (Monetary Authority of Singapore) imposed a fine of S$375,000 on UOBKH for securities compliance failure and not obeying anti-money laundering & financing terrorism requirements. 

    Additionally, UOBKH also failed to verify customers’ source of wealth, even though the firm determined them to be a higher money laundering risk. According to the investigation conducted by MAS, they found UOBKH guilty of not following the protocols. Moreover, some failings include accepting third-party receipts representing a considerable value of an initial price offering. It was done without properly analyzing the business conducting measures. 

    “As a result, UOBKH failed to detect and report suspicious transactions despite red flags of potential nominee arrangements, which may be abused to conceal beneficial ownerships and facilitate market misconduct,” said the Monetary Authority of Singapore.

    As per investigation by MAS, the brokerage company hadn’t conducted its corporate finance department’s internal audits since its startup in September 2012. They said that UOBKH paid its full penalty and remediated the matter by performing essential measures to maximize its internal controls and policies. 

    It was instructed to the brokerage firm to appoint an external party to check and authenticate implementation of the remedial measures. Furthermore, that third party will report the effectiveness of preventive protocols taken by UOBKH to MAS. 

    Loo Siew Yee (the managing director of MAS) said, “MAS expects capital markets services licensees to comply with all business conduct and AML/CFT regulations, including ensuring that its control functions act as an effective and independent line of defense against risks.”

    On Thursday at 9.11 am, UOBKH traded flat at S$1.42.

    Suggested Read: US Attorney’s Office Charges New York’s Oldest Mafia Clans for Money Laundering Scheme

    Related Posts

    News

    European Central Bank’s President Calls for Strict Bitcoin Regulations

    The president of the European Central Bank, Christine Lagarde, says that bitcoin is a “funny busi...

    European Central Bank’s President Calls for Strict Bitcoin Regulations Explore More

    News

    CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority

    Canadian regulatory authorities imposed a $1.3m penalty on the Canadian Imperial Bank of Commerce...

    CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority Explore More

    News

    FinCEN Fines Puerto Rican Bank, Bancrédito, $15 Million on BSA Violation

    Puerto Rican bank, Bancrédito, was fined $15 million by the Financial Crimes Enforcement Network ...

    FinCEN Fines Puerto Rican Bank, Bancrédito, $15 Million on BSA Violation Explore More

    News

    Shufti beats 26 global competitors in the Video KYC challenge at MEFTECH KSA

    Yesterday, February 26, Shufti was announced the winner of the Lulu money’s Video KYC for Cus...

    Shufti beats 26 global competitors in the Video KYC challenge at MEFTECH KSA 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

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

    Australian authorities have warned the public of new Valentine’s Day scams aimed at singles...

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

    News

    COVID-19 Vaccines at the Risk of being Illegally Obtained by Fraudsters

    There is nothing more awaited than the coronavirus vaccine this year. The international agencies ...

    COVID-19 Vaccines at the Risk of being Illegally Obtained by Fraudsters Explore More

    News

    OFAC Sanctions Cryptocurrency Mixing Service for Allegedly Sourcing Money Laundering

    OFAC has imposed economic sanctions on cryptocurrency mixing service Tornado Cash for allowing cu...

    OFAC Sanctions Cryptocurrency Mixing Service for Allegedly Sourcing Money Laundering Explore More

    News

    COVID-19 has Made Cybercrime More Structured

    During the COVID-19 pandemic, there has been immense growth in the opportunities for cyber-relate...

    COVID-19 has Made Cybercrime More Structured 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

    China’s Digital Currency Could Be Launched ‘Quite Soon’

    Within the next 6 to 12 months, China could launch its own digital currency which may become a ch...

    China’s Digital Currency Could Be Launched ‘Quite Soon’ Explore More

    News

    Increasing Financial Crimes Call to Establish a European Center of Excellence For AML Compliance

    EU financial and anti-financial crime regulations are more complicated than before and they reinf...

    Increasing Financial Crimes Call to Establish a European Center of Excellence For AML Compliance Explore More

    News

    Financial Fraud Alerts in the UK are Most Prevalent in Crypto Firms, Reports FCA

    FCA has labeled crypto as the top sector for financial scam warnings in the UK.  As of now, there...

    Financial Fraud Alerts in the UK are Most Prevalent in Crypto Firms, Reports FCA Explore More

    News

    California to Reopen its Economy with COVID Vaccine and Testing Requirements

    After more than a year of COVID-19 restrictions, the State of California to finally reopen its ec...

    California to Reopen its Economy with COVID Vaccine and Testing Requirements Explore More

    News

    Nigerian Central Bank Announces Latest Guidelines to Combat Money Laundering

    The Central Bank of Nigeria ordered all customers to link their Bank Verification Number (BVN) an...

    Nigerian Central Bank Announces Latest Guidelines to Combat Money Laundering 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

    Italy Launches Money Laundering Investigations into Qatargate Associates

    Italian prosecutors have launched a probe related to the EU parliament Qatargate affair as a new ...

    Italy Launches Money Laundering Investigations into Qatargate Associates Explore More

    News

    Financial Watchdogs in South Korea Add Guidelines for Crypto Transactions

    Financial Watchdogs in South Korea will now oversee the activities regarding crypto in the countr...

    Financial Watchdogs in South Korea Add Guidelines for Crypto Transactions Explore More

    News

    Supreme People’s Court of China to Impose Severe Penalties for Financial Crimes

    China’s top courts are set to impose heavier punishments to prevent financial crimes and mitigate...

    Supreme People’s Court of China to Impose Severe Penalties for Financial Crimes 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

    UK’s Revised Fraud Policy Criticised for Ineffectiveness Against Rising Crimes

    On Wednesday, Britain announced its strategy for reducing fraud by 10% by the end of the current ...

    UK’s Revised Fraud Policy Criticised for Ineffectiveness Against Rising Crimes Explore More

    News

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

    The government of the United Kingdom is issuing new rules on the collection of data for the crypt...

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

    News

    The Czech Republic Government Amends Beneficial Ownership Law to Meet AML Obligations

    The Czech Republic government revised Beneficial Ownership Law upon the European Commission’...

    The Czech Republic Government  Amends  Beneficial Ownership Law to Meet AML Obligations Explore More

    News

    Austrac Warns of Money Laundering Risks Unless More Prosecutions are Conducted

    Austrac has warned the law enforcement agencies in Australia that they must conduct more money la...

    Austrac Warns of Money Laundering Risks Unless More Prosecutions are Conducted 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

    Council of Europe Urges Montenegro to Step Up AML Measures

    The Council of Europe stated in a recent report that Montenegro lacks sufficient measures to inve...

    Council of Europe Urges Montenegro to Step Up AML Measures Explore More

    News

    Increasing Use of Cryptocurrency for Money Laundering Causes Concern in the Philippines

    The use of cryptocurrency in money laundering is raising alarm for the Philippine Central Cank. T...

    Increasing Use of Cryptocurrency for Money Laundering Causes Concern in the Philippines 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

    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

    Nigerian-Owned Tech Firm, Flutterwave, Closes 45 Bank Accounts Due to Money Laundering

    A group of 2,468 Nigerian nationals accused Flutterwave Payments Technology of defrauding them of...

    Nigerian-Owned Tech Firm, Flutterwave, Closes 45 Bank Accounts Due to Money Laundering Explore More

    News

    Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List

    The Financial Intelligence Analysis Unit (FIAU) and Malta Business Registry (MBR) have signed an ...

    Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List Explore More

    News

    Bank of Ghana Issues New Guidelines for AML and CTF

    The Bank of Ghana (BOG) has introduced new directives on Anti Money Laundering/Combating the Fina...

    Bank of Ghana Issues New Guidelines for AML and CTF Explore More

    News

    The EU and UK Announce Major Regulatory Reforms to Safeguard Crypto-Assets

    EU implements unified crypto-asset regulations, MiCA, and incorporates Travel Rule to secure cryp...

    The EU and UK Announce Major Regulatory Reforms to Safeguard Crypto-Assets 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

    Adelaide Casino to Face Court Action Over AML/CTF Violations

    AUSTRAC has revealed the beginning of civil penalty proceedings in the Federal Court against SkyC...

    Adelaide Casino to Face Court Action Over AML/CTF Violations Explore More

    News

    Qatar’s new AML laws leave no room for Cryptocurrencies

    A number of countries across the globe are coming with up stringent policies to inhibit the illeg...

    Qatar’s new AML laws leave no room for Cryptocurrencies Explore More

    News

    Poker Machines Being Preyed by Criminals Amidst COVID-19 Pandemic

    During the five months of lockdown due to the COVID-19 pandemic, there has been a growth of 305 U...

    Poker Machines Being Preyed by Criminals Amidst COVID-19 Pandemic Explore More

    News

    UAE Praises Singapore’s S$2.8b Financial Crime Bust

    The director-general of UAE anti-money laundering and counter-terrorism financing commends Singap...

    UAE Praises Singapore’s S$2.8b Financial Crime Bust Explore More

    News

    BC Money Laundering Inquiry Report Calls for New Law Enforcement Unit

    BC has released a money laundering report that carries multiple recommendations and includes the ...

    BC Money Laundering Inquiry Report Calls for New Law Enforcement Unit Explore More

    News

    German Customs to Strengthen Fight Against Organised Crime and Money Laundering

    Christian Lindner, German Finance Minister, announced at the weekly cabinet meeting held at the C...

    German Customs to Strengthen Fight Against Organised Crime and Money Laundering Explore More

    News

    Saudi’s SAMA Warns Clients of Upsurge in Financial Fraud

    SAMA urges clients to practice the highest degree of caution and prevents exposing any confidenti...

    Saudi’s SAMA Warns Clients of Upsurge in Financial Fraud Explore More

    News

    FATF to Publish Revised Guidelines For Virtual Assets Service Providers

    The Financial Action Task Force is all set to publish updated guidelines on virtual assets on Oct...

    FATF to Publish Revised Guidelines For Virtual Assets Service Providers Explore More

    News

    Clubs to Adopt Digital Wallets as NSW Reveals Money Laundering Via Machines

    The clubs in Australia are to adopt the digital wallet for poker machines as the regulators disco...

    Clubs to Adopt Digital Wallets as NSW Reveals Money Laundering Via Machines Explore More

    News

    Uganda Remains on FATF Graylist for Failing to Curb Money Laundering

    Uganda is still under the scrutiny of AML/CFT agencies after failing to enforce regulations in NG...

    Uganda Remains on FATF Graylist for Failing to Curb Money Laundering Explore More

    News

    The Corporate Transparency Act is Set to be Implemented in January 2024 Across the Country

    The Corporate Transparency Act passed in 2021 is going into enforcement in a few days and will im...

    The Corporate Transparency Act is Set to be Implemented in January 2024 Across the Country 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

    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

    AUSTRAC Throws in Hands in their Fight Against Money Laundering through Casino Junk Operators

    Australian regulatory bodies to fight financial crimes have known for quite a time that casino ju...

    AUSTRAC Throws in Hands in their Fight Against Money Laundering through Casino Junk Operators Explore More

    News

    Rapstar Captured for His Role in Wire Fraud Scheme

    A famous rapper from Chicago with his crew members was caught and charged in court for using the ...

    Rapstar Captured for His Role in Wire Fraud Scheme Explore More

    News

    Ransomware attack on insurance MSP Xchanging affects customers

    DXC Technology, a global IT solutions provider reported a ransomware attack to the US Exchange Co...

    Ransomware attack on insurance MSP Xchanging affects customers Explore More

    News

    Financial regulators assure further assistance to the industry during COVID-19

    Global financial regulators guarantee to provide ease in the regulations to deal with the COVID-1...

    Financial regulators assure further assistance to the industry during COVID-19 Explore More

    News

    Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance

    Norway’s leading bank, DNB ASA, faces the possibility of a $45 million penalty for its inadequate...

    Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance Explore More

    News

    FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion

    The Financial Intelligence Unit of Liberia (FIUL) has recovered more than $284,000 from two compa...

    FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion Explore More

    News

    EU, UK and US Blame Russia for Cyberattacks on Internet Service Providers

    Accusations were imposed on Russia due to the recent disastrous cyberattacks on the European sate...

    EU, UK and US Blame Russia for Cyberattacks on Internet Service Providers Explore More

    News

    CBN Issues AML/CFT/CPF Guidelines for Licencing Banks and other Financial Institutions

    The Central Bank of Nigeria (CBN) has issued guidelines to assist promoters of banks and other fi...

    CBN Issues AML/CFT/CPF Guidelines for Licencing Banks and other Financial Institutions 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

    Biden Increases 50% Budget for FinCEN to Omit Financial Crimes

    President Joe Biden of the USA is pushing a plan for a 50% increase in the budget set aside for t...

    Biden Increases 50% Budget for FinCEN to Omit Financial Crimes Explore More

    News

    Singapore Introduces Face Verification for National ID Service

    Not just authentication, but facial verification is mandatory for anyone who is using the nationa...

    Singapore Introduces Face Verification for National ID Service Explore More

    News

    FATF International Cooperation Review Group Meet in Mauritius to Discuss UAE’s Position on the Gray List

    Despite ongoing financial crime, the US and several other Western countries have paid no heed to ...

    FATF International Cooperation Review Group Meet in Mauritius to Discuss UAE’s Position on the Gray List 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

    CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion

    CTFC charges a South African pool operator Steynberg for the largest fraud case in the region inv...

    CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion Explore More

    News

    Cambodia Seeks Exit from FATF Grey List in Early 2023

    Cambodia has finally invited the Financial Action Task Force (FATF) to evaluate its progress in f...

    Cambodia Seeks Exit from FATF Grey List in Early 2023 Explore More

    News

    EBA revised its guidelines on ML/FT risk factors

    The European Banking Authority (EBA) issued revised money laundering and terrorist funding (ML/TF...

    EBA revised its guidelines on ML/FT risk factors Explore More

    News

    UK to Set up CBDC Taskforce to Analyze the Possibility of ‘Britcoin’

    The Bank of England along with the British Government plans to set up a task force to create digi...

    UK to Set up CBDC Taskforce to Analyze the Possibility of ‘Britcoin’ Explore More

    News

    SMS Phishing Scams are Impersonating State Agencies – FTC Warns

    FTC issues warning against SMS phishing attacks that are impersonating state workforce agencies t...

    SMS Phishing Scams are Impersonating State Agencies – FTC Warns Explore More

    News

    New Variations in Business Email Compromise Accounted for Losses of $43 Billion, Says FBI

    Introduction of new variations in Business Email Compromise scams netted $43 Billion in losses ca...

    New Variations in Business Email Compromise Accounted for Losses of $43 Billion, Says FBI Explore More

    News

    BaFin Threatens Deutsche Bank of Fines Over Weak AML Controls

    Germany’s Financial Watchdog BaFin is not satisfied with the efforts of Deutsche Bank AG to contr...

    BaFin Threatens Deutsche Bank of Fines Over Weak AML Controls Explore More

    News

    US Authorities Accuse Russian Oligarch of Money Laundering and Bank Fraud

    US authorities have accused Russian oligarch Viktor Vekselberg of conspiring to launder money and...

    US Authorities Accuse Russian Oligarch of Money Laundering and Bank Fraud Explore More

    News

    EU Endorses New Crypto Tax Data Sharing Rules

    Strict obligations are set to be implemented in the EU’s digital assets industry. Tax authorities...

    EU Endorses New Crypto Tax Data Sharing Rules 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

    Crypto Industry Rejects New Rules to Report NFT and DeFi Transactions

    The representatives of the Crypto industry have disapproved of reporting data about NFTs, DeFi tr...

    Crypto Industry Rejects New Rules to Report NFT and DeFi Transactions Explore More

    News

    Guyana Holds US-Sponsored Conference to Examine Asset Recovery and Money Laundering Issues

    The Judiciary of Guyana organised a two-day conference in collaboration with the US Department of...

    Guyana Holds US-Sponsored Conference to Examine Asset Recovery and Money Laundering Issues 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