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

    Rabobank Fined EUR 500K for Ineffective KYC Compliance

    2021-11-16 news1

    The Dutch Central Bank (DNB) instructed Rabobank to enhance their CDD, transaction monitoring, and SAR procedures for effective AML/CFT/KYC compliance.

    On 12 October 2021, Rabobank received draft instructions from the Dutch Central Bank (DNB) ordering it to strengthen its AML/CFT framework. The remedies are mainly associated with the “execution, recording, and outsourcing of Customer Due Diligence (CDD), transaction monitoring, and Suspicious Activity Report (SAR).” 

    The draft injunction came after the last order received in September 2018 that ordered the bank to “improve it’s Know Your Customer (KYC) compliance activities.”  However, on 1 April 2020, “DNB carried out an investigation and concluded that Rabobank did not meet the injunction requirements, despite all efforts.” 

    Hence, the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act violation had forfeited a penalty of EUR 500,000 to Rabobank. In addition, the DNB has also announced that it will start a punitive enforcement procedure, but the outcome is yet unknown. 

    In addition to the statement, the chairman of the Executive Board, Wiebe Draijer, said that Rabobank is constantly trying to build a “robust and future proof KYC organization” and has the bank’s full attention. He added that the bank is on its mission to protect its “customers, members, and the society against financial crimes” and is in “constant dialogue with the DNB” on such matters, with 4500 specialists spread worldwide.  

    Even though DNB clearly advised Rabobank to improve its AML/CFT procedures, the bank failed to do so as they relied on ineffective AML/KYC verifications to onboard customers. If the banks had opted for an AI-powered AML verification system along with ongoing AML, they could have avoided the regulatory penalties.

    Suggested Read: AML Non-Compliance Penalties Soaring Sky High in the First Half of 2021

    Related Posts

    News

    AML and Crypto Fines Surge to £4bn in Regulatory Crackdown

    The global AML fines surged 53% in 2022, while crypto fines rose over 90% as regulators cracked d...

    AML and Crypto Fines Surge to £4bn in Regulatory Crackdown 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

    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

    Tesla Data Breach Leaks Personal Information of 75,000 Customers

    Confidential data of approximately 75,735 people, including names, cell phone numbers, and addres...

    Tesla Data Breach Leaks Personal Information of 75,000 Customers Explore More

    News

    FATF warns Turkey over Lapses in Money Laundering and Terror Financing

    Turkey has been warned by Financial Action Taskforce (FATF) because of its ‘serious shortcomings’...

    FATF warns Turkey over Lapses in Money Laundering and Terror Financing Explore More

    News

    Banks Ordered by BSP to Enhance the Filing of Suspicious Reports

    MANILA, Philippines – In an attempt to ramp up its fight against financial crimes, the Bang...

    Banks Ordered by BSP to Enhance the Filing of Suspicious Reports Explore More

    News

    FCMC Fines AS PrivatBank Worth €768K for AML Non-Compliance

    The FCMC fined PrivatBank for AML/CTPF compliance breaches and instructed the bank to address its...

    FCMC Fines AS PrivatBank Worth €768K for AML Non-Compliance 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

    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

    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

    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

    FATF Finalizes Key Working Areas in its Fifth Plenary Meeting

    FATF’s fifth plenary meeting consisting of 206 members of the Global Network and Observer organiz...

    FATF Finalizes Key Working Areas in its Fifth Plenary Meeting Explore More

    News

    Money Laundering Watchdog Fines HSBC for AML Violations

    HSBC Malta has been fined €82,000 by Financial Intelligence Analysis Unit (FIAU) for AML violatio...

    Money Laundering Watchdog Fines HSBC for AML Violations Explore More

    News

    Banks Warned about Cryptocurrency Risk Exposure by FinCEN Director

    During a virtual anti-money laundering conference by ACAMS in Las Vegas earlier this week, FinCEN...

    Banks Warned about Cryptocurrency Risk Exposure by FinCEN Director Explore More

    News

    HEDA Calls for Professional Regulatory Bodies to Sanction Corruption Enablers

    The Human and Environmental Development Agenda (HEDA), the leading civic society organization on ...

    HEDA Calls for Professional Regulatory Bodies to Sanction Corruption Enablers 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

    FinCEN Extends the Comment Period of Virtual Currency Regulations

    FinCEN– Financial Crimes Enforcement has finally agreed to reopen the comment period of reg...

    FinCEN Extends the Comment Period of Virtual Currency Regulations Explore More

    News

    Kyrgyzstan to Regulate Cryptocurrency for it be Recognized Legally

    Central Bank in Kyrgyzstan has given out recommendations for regulating the crypto industry and g...

    Kyrgyzstan to Regulate Cryptocurrency for it be Recognized Legally Explore More

    News

    AUD 10 Billion Money Laundering Ring Caught in Australia, Further Highlighting the Country’s AML Failures

    AUD 10 billion ($6.5 billion) in global money laundering was allegedly uncovered in Sydney by the...

    AUD 10 Billion Money Laundering Ring Caught in Australia, Further Highlighting the Country’s AML Failures Explore More

    News

    FATF encourages Digital ID during Coronavirus epidemic

    The Financial Action Task Force (FAFT) is advocating the use of digital identity technology to se...

    FATF encourages Digital ID during Coronavirus epidemic Explore More

    News

    Uganda Remains Greylisted by FATF for Money Laundering

    There will be no change to Uganda’s status on the “grey list” due to the countr...

    Uganda Remains Greylisted by FATF for Money Laundering Explore More

    News

    FinCEN Calls in Bankers to Assess AML/CFT Risks in DeFi

    The Financial Crimes Enforcement Network (FinCEN) is focusing on DeFi oversight as government bod...

    FinCEN Calls in Bankers to Assess AML/CFT Risks in DeFi Explore More

    News

    WHO Warns about Online Job Scams during COVID-19 Pandemic

    A message shared on WhatsApp and Facebook claims that the World Health Organization (WHO) is adve...

    WHO Warns about Online Job Scams during COVID-19 Pandemic Explore More

    News

    Fake NFT Sold for £244k from Artist “Banksy’s” Website

    A fake link directed bidders to an online auction for Banksy’s NFT, which was posted on the now-d...

    Fake NFT Sold for £244k from Artist “Banksy’s” Website Explore More

    News

    Singapore Taking New Actions Against Terror Financing and Money Laundering

    Singapore’s Parliament took improved measures against the financing of terrorism and money launde...

    Singapore Taking New Actions Against Terror Financing and Money Laundering Explore More

    News

    CSSF Imposed a €226,000 Fine on Maitland Over AML Compliance Failure

    Maitland Luxembourg SA received a penalty of €226,000 over anti-money laundering and customer due...

    CSSF Imposed a €226,000 Fine on Maitland Over AML Compliance Failure Explore More

    News

    Online fraud attempts increase during COVID-19 catastrophe

    According to ACI Worldwide, the rate of fraud attempts have increased to 4.3% in April, slightly ...

    Online fraud attempts increase during COVID-19 catastrophe Explore More

    News

    Ransomware Attack Exposes 5.8 Million Pharmaceutical Records of PharMerica Corporation

    A breach notification was filed with the Maine Attorney General’s Office for the first time, reve...

    Ransomware Attack Exposes 5.8 Million Pharmaceutical Records of PharMerica Corporation Explore More

    News

    Australian Regulators Oblige Businesses to Report Suspicious Transactions

    The Australian regulatory authorities ordered digital businesses to report cyberattacks and suspi...

    Australian Regulators Oblige Businesses to Report Suspicious Transactions Explore More

    News

    Turkey Set to Toughen AML Laws on Crypto Asset Platforms

    Turkey is designing new and stricter obligations to prevent crypto-asset platforms from money lau...

    Turkey Set to Toughen AML Laws on Crypto Asset Platforms Explore More

    News

    FIAU Fines Crypto Firm €460,000 for Anti-Money Laundering Violations

    FIAU (Financial Intelligence Analysis Unit) charged a crypto exchange and broker with a €463,235 ...

    FIAU Fines Crypto Firm €460,000 for Anti-Money Laundering Violations Explore More

    News

    FSRA Imposed a Dh 1.32 Million Fine on Wise Nuqud Ltd for AML Failings

    FSRA imposed a Dh 1.32 million fine on Wise Nuqud for AML failings. Wise cooperated in the invest...

    FSRA Imposed a Dh 1.32 Million Fine on Wise Nuqud Ltd for AML Failings Explore More

    News

    Half of Anti-malware Products fail to Recognize Notable Threats

    According to a new report by SE labs, Most popular, well-established cybersecurity solutions do n...

    Half of Anti-malware Products fail to Recognize Notable Threats 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

    FinCEN Says Russia Cannot Evade Sanctions with Crypto

    Global lawmakers are taking a closer look at digital assets and how they can or cannot be used to...

    FinCEN Says Russia Cannot Evade Sanctions with Crypto Explore More

    News

    Reddit follows Facebook suit and bans impersonation on its platform

    Earlier this week, Facebook announced its new policy to ban manipulated pictures and videos known...

    Reddit follows Facebook suit and bans impersonation on its platform 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

    ML/TF Legislation for Art Industry Labeled ‘Damaging and Unjust’

    Cinoa, the international art & antiques dealers’ association has issued an open letter signed...

    ML/TF Legislation for Art Industry Labeled ‘Damaging and Unjust’ Explore More

    News

    Liechtenstein’s Legal Authorities Backed by Moneyval on Improved AML/CFT Measures

    Moneyval has published a report backing Liechtenstein’s authorities on the measures it took again...

    Liechtenstein’s Legal Authorities Backed by Moneyval on Improved AML/CFT Measures Explore More

    News

    Mauritius to Step Out of FATF Gray List Following Key Regulatory Changes

    Mauritius, which was previously known for being a tax haven, might be out of the FATF’s grey list...

    Mauritius to Step Out of FATF Gray List Following Key Regulatory Changes Explore More

    News

    Malta Faces 200% Spike in Money Laundering Cases

    Financial Intelligence Analysis Unit (FIAU), Malta’s financial regulator, received a 200% increas...

    Malta Faces 200% Spike in Money Laundering Cases Explore More

    News

    Alibaba copyrights blockchain system that detects music copycats

    Granted by the U.S. Patent and Trademark Office on April 21, the method as described by the Chine...

    Alibaba copyrights blockchain system that detects music copycats Explore More

    News

    Kenya’s High Court Freezes Sh15 Billion Over Suspected Crime and Money Laundering

    The High Court of Kenya has frozen more than Sh15 billion over suspected proceeds of Money Launde...

    Kenya’s High Court Freezes Sh15 Billion Over Suspected Crime and Money Laundering Explore More

    News

    FCA Hints Why only 15% of Crypto Firms Received Regulatory Approval

    The UK financial watchdog has approved only 41 registration applications of crypto firms out of 3...

    FCA Hints Why only 15% of Crypto Firms Received Regulatory Approval Explore More

    News

    Latvian State Police Bust a Major Money Laundering Ring

    Latvian State Police has identified and busted a huge criminal gang involved in money laundering....

    Latvian State Police Bust a Major Money Laundering Ring Explore More

    News

    Tech Giant Olympus Hit by Ransomware Attack from ‘BlackMatter’, Successor of DarkSide

    More than 40 ransomware attacks have been attributed to BlackMatter, a ransomware-as-a-service gr...

    Tech Giant Olympus Hit by Ransomware Attack from ‘BlackMatter’, Successor of DarkSide Explore More

    News

    Ring doorbell gives user data to Facebook and Google

    Recent investigation suggests that Ring doorbells are exposing the customers’ data to companies s...

    Ring doorbell gives user data to Facebook and Google 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

    The UK’s Financial Services Minister States Banks Should Not Close Accounts Based on Political Views of Their Customers

    The financial services minister, Andrew Griffith, commented on July 4th that banks should be requ...

    The UK’s Financial Services Minister States Banks Should Not Close Accounts Based on Political Views of Their Customers Explore More

    News

    SuperCare Health Faces Lawsuit for Having “Incompetent Security Measures” to Stop Data Breach

    Plaintiff filed a lawsuit against SuperCare Health in the US Central District of California and a...

    SuperCare Health Faces Lawsuit for Having “Incompetent Security Measures” to Stop Data Breach 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

    KYC Alliance between Dubai Economy and six banks

    As reported by Gulf News, Dubai Economy along with Emirates NBD, Emirates Islamic, HSBC, RAKBANK,...

    KYC Alliance between Dubai Economy and six banks Explore More

    News

    Credit Suisse Settles French Tax Fraud & Money Laundering Probes for €238 Million

    Credit Suisse accepted a settlement of 238 million euros to resolve a tax scam and money launderi...

    Credit Suisse Settles French Tax Fraud & Money Laundering Probes for €238 Million Explore More

    News

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

    BC Law Society holds Ukraine’s Honorary Consul accountable for failing to prevent money launderin...

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

    News

    South Africa Enforces New Rules to Transfer Funds Abroad

    The South African Revenue Service (SARS) has made regulatory changes to transfer funds overseas, ...

    South Africa Enforces New Rules to Transfer Funds Abroad Explore More

    News

    OSCE – Eurasian Forum Combines to Counter Money Laundering and Terrorism Financing

    The Organisation for Security and Co-operation in Europe (OSCE) supported the joint efforts with ...

    OSCE – Eurasian Forum Combines to Counter Money Laundering and Terrorism Financing Explore More

    News

    Man arrested for money laundering offenses related to COVID-19

    A 39-year-old Singaporean man has been apprehended for his suspected involvement in money launder...

    Man arrested for money laundering offenses related to COVID-19 Explore More

    News

    Major US Twitter accounts hacked in Bitcoin scam

    Billionaires Elon Musk, Jeff Bezos, Barack Obama, Joe Biden and Bill Gates are among the many US ...

    Major US Twitter accounts hacked in Bitcoin scam Explore More

    News

    South Korea FSC Identifies 14 ‘Fake’ Crypto Accounts Held by VASPs

    All crypto accounts in South Korea are directed to register under their real names. Third-party b...

    South Korea FSC Identifies 14 ‘Fake’ Crypto Accounts Held by VASPs Explore More

    News

    Digital IDs Becoming Useful for Fighting Financial Crimes

    The use of digital IDs has proved to be advantageous for fighting financial crimes. Research has ...

    Digital IDs Becoming Useful for Fighting Financial Crimes Explore More

    News

    African Federal Government Urges Collaboration to Combat Money Laundering and Terrorist Financing

    The African Federal Government stressed the urgent teamwork needed to combat money laundering, te...

    African Federal Government Urges Collaboration to Combat Money Laundering and Terrorist Financing 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

    IMF Urges Central Bank of Seychelles to Upgrade Transparency and AML Controls

    The Central Bank of Seychelles (CBS) has been advised by the International Monetary Fund (IMF) to...

    IMF Urges Central Bank of Seychelles to Upgrade Transparency and AML Controls Explore More

    News

    HKMA Reveals Phishing Fraud Went Up by 145% in 2021

    Statistics revealed by HKMA show that phishing fraud rose by 145% in the first half of 2021.  Hon...

    HKMA Reveals Phishing Fraud Went Up by 145% in 2021 Explore More

    News

    Scotland Police Give Warnings Due to the Rise in Cybercrime

    Highland Police is taking a major initiative to warn the businesses of a spike in cybercrime and ...

    Scotland Police Give Warnings Due to the Rise in Cybercrime Explore More

    News

    Phishing attacks hidden in Google Cloud Services

    Cybercriminals are concealing phishing efforts behind legitimate resources like google cloud serv...

    Phishing attacks hidden in Google Cloud Services Explore More

    News

    UAE Court Convicted 13 Indian Nationals and 7 Companies for Money Laundering Offenses

    Thirteen Indian nationals and seven companies were charged with money laundering by the Abu Dhabi...

    UAE Court Convicted 13 Indian Nationals and 7 Companies for Money Laundering Offenses Explore More

    News

    Amendments in UK Supervision Laws Enhance Risk of Money Laundering

    Accounting bodies have warned that changes in the UK supervision of AML compliance regulations wi...

    Amendments in UK Supervision Laws Enhance Risk of Money Laundering Explore More

    News

    Fraud claim filed against HSBC Bank for ‘sham’ investment scheme

    A fraud claim worth £1.3 billion has been submitted by 371 investors against HSBC UK Bank for los...

    Fraud claim filed against HSBC Bank for ‘sham’ investment scheme Explore More

    News

    AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations

    The Association of Accounting Technicians (AAT) warned the UK government that reforming Anti-Mone...

    AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations Explore More

    News

    UK’s FCA Warns Challenger Banks Over Inadequate AML Measures

    The UK’s main financial regulator has warned challenger banks to improve measures for fighting fi...

    UK’s FCA Warns Challenger Banks Over Inadequate AML Measures Explore More

    News

    Danske Bank Under Fire Over AML Shortcomings

    The FSA has reprimanded Sweden’s Danske Bank over ‘shortcomings’ in its anti-money laundering con...

    Danske Bank Under Fire Over AML Shortcomings 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