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

    Russian Sanctions Put Switzerland in a Tough Spot Between Regulators and Oligarchs

    n-img-russian

    Switzerland’s luxury sector is in a tough spot after Western countries have imposed sanctions against Russian assets in foreign countries following the invasion of Ukraine.

    “You just can’t reach them by phone these days,” an investigator working on international asset recovery told SWI swissinfo.ch about Swiss financial advisers working with targeted Russian clients. “They are working round the clock”.

    Since the Russian invasion of Ukraine in February, Switzerland has aligned itself with European economic measures, including the freezing of assets owned by the Russian state and oligarchs who had benefitted from links with President Vladimir Putin. 

    It has also taken measures to prohibit financial transactions in businesses linked to the vital Russian energy sector and commodity trading with Russia.

    Swiss investigators seeking assets liable to be frozen certainly have their work cut out for them. 

    As multiple media investigations into offshore wealth have demonstrated over the years, wealthy individuals, not just Russian oligarchs, have long employed complex legal structures to transfer assets in companies whose ownership has often been referred to as Russian stacking dolls: one legal entity is owned by another and so forth.

    “Reports on the assets of sanctioned persons are constantly coming in at SECO,” Florian Maienfisch, a spokesperson from the State Secretariat for Economic Affairs (SECO), which runs the government’s oligarch taskforce. 

    “Since this process is still in full swing, reports that have already been received only represent an incomplete, changing intermediate status.”

    The office explained that in addition to banks, local and cantonal authorities as well as insurance companies, individuals, civic society groups or anyone who may suspect ownership of properties and assets by sanctioned persons in Switzerland may alert the task force of such links. 

    Lawyers working in other capacities than to defend a client in court – including as a fiduciary – are “obligated” to report any sanctionable assets.

    Suggested read: Swiss Court Seeks $45m Compensation in Credit Suisse Money Laundering Case

    Related Posts

    News

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

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

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

    News

    FATF Calls for Urgent Implementation of Crypto Information Sharing Mechanisms

    FATF has published a report to call on the countries to the implementation of travel rules to und...

    FATF Calls for Urgent Implementation of Crypto Information Sharing Mechanisms Explore More

    News

    Owner of RGCoins Rosen Iossifov Guilty of Crypto Money Laundering

    Iossifov was accused of two conspiracy counts; racketeering and money laundering. After a two-wee...

    Owner of RGCoins Rosen Iossifov Guilty of Crypto Money Laundering Explore More

    News

    Philippines’ Anti-Money Laundering Counsel Increases AML Measures for Casino Junkets

    The Philippines’ Anti-Money Laundering Counsel (AMLC) has stated that it is currently impro...

    Philippines’ Anti-Money Laundering Counsel Increases AML Measures for Casino Junkets Explore More

    News

    United Nations Calls for a Pact to Fight Financial Crimes

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

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

    News

    Monetary Authority of Singapore to Take Tougher Action Against Data Breaches

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

    Monetary Authority of Singapore to Take Tougher Action Against Data Breaches Explore More

    News

    Scammers and Hackers Use Cloud Mining to Launder Cryptocurrencies

    According to new research, the use of cloud mining methods to conceal crypto funds has intensifie...

    Scammers and Hackers Use Cloud Mining to Launder Cryptocurrencies Explore More

    News

    US Takes Steps to Regulate Digital Currency Amid Russian Sanction

    President Biden signed an executive order on Wednesday wherein the federal government was urged t...

    US Takes Steps to Regulate Digital Currency Amid Russian Sanction 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

    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

    Effective Measures are Needed to Tackle Money Laundering and Terrorist Financing, Says EMLCU’s Head

    The Union of Arab Banks arranged the three-day anti-money laundering and terrorist financing even...

    Effective Measures are Needed to Tackle Money Laundering and Terrorist Financing, Says EMLCU’s Head Explore More

    News

    HMRC Fines Real Estate Agencies £500,000 for Anti-Money Laundering Violations

    HMRC has issued a total of  £519,645 in fines to 68 estate agents that failed to comply with rule...

    HMRC Fines Real Estate Agencies £500,000 for Anti-Money Laundering Violations 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

    Swedish gambling regulator seeks high money-laundering fines

    The Swedish Gambling Authority (SGA) has taken a tough stance against money laundering and reques...

    Swedish gambling regulator seeks high money-laundering fines Explore More

    News

    Australian Gold Company, The Perth Mint, Accepts Voluntary Undertaking to Avoid AML Fines

    The Australian gold corporation, the Perth Mint, escaped penalties for inadequate compliance syst...

    Australian Gold Company, The Perth Mint, Accepts Voluntary Undertaking to Avoid AML Fines Explore More

    News

    Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA

    The Crypto industry was rated high-risk in the latest sector risk assessment (SRA) of the FMA, wh...

    Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA Explore More

    News

    Fraudsters are all set to exploit Black Friday sales. Beware!

    Criminals are aware that at this time of the year, shoppers are looking for discounted deals and ...

    Fraudsters are all set to exploit Black Friday sales. Beware! Explore More

    News

    Money Laundering Investigation Leads to Seizure of Canberra Properties, Vehicles, and Cash

    Assets worth over $10 million have been seized after an international investigation into money la...

    Money Laundering Investigation Leads to Seizure of Canberra Properties, Vehicles, and Cash Explore More

    News

    Czech Republic Ramps Up Efforts to Combat Financial Crimes

    According to a Moneyval report, the Czech Republic is showing progress in improving its complianc...

    Czech Republic Ramps Up Efforts to Combat Financial Crimes Explore More

    News

    United Nations Calls for a Pact to Fight Financial Crimes

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

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

    News

    Australian Police Launch Avarus, a Multi-task Force to fight Money Laundering

    Australian Federal Police has set up a new multi-agency task force to fight prevailing financial ...

    Australian Police Launch Avarus, a Multi-task Force to fight Money Laundering Explore More

    News

    China Announces Anti-foreign Sanctions Law

    Under the new law, China has introduced countermeasures against senior managers and actual contro...

    China Announces Anti-foreign Sanctions Law Explore More

    News

    UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms

    The UAE is keen on regaining a good reputation by clearing its name from FATF’s grey list while t...

    UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms Explore More

    News

    AMLC Freezes Assets of 16 Groups Labeled as Terrorist Organizations

    The Anti-Money Laundering Council in the Philippines has frozen the accounts of 16 organizations ...

    AMLC Freezes Assets of 16 Groups Labeled as Terrorist Organizations Explore More

    News

    Canada’s MP Introduces Private Member’s Bill to Amend Criminal Code

    The members of parliament of Simcoe North, including the deputy minister of finance, have introdu...

    Canada’s MP Introduces Private Member’s Bill to Amend Criminal Code Explore More

    News

    Central Bank of Nigeria Speaks About the Terrorism Fuelled by Cryptocurrency

    The Central Bank of Nigeria, comments on why it does not favour the means of digital currency and...

    Central Bank of Nigeria Speaks About the Terrorism Fuelled by Cryptocurrency Explore More

    News

    NAB Updating KYC Data of 9M Customers

    Project Apollo has been initiated by NAB in an attempt to meet AML obligations.  In August 2021, ...

    NAB Updating KYC Data of 9M Customers Explore More

    News

    Gamers Must Be Aware of long-Scale Click Fraud Campaign- Says Microsoft

    Microsoft alerted gamers regarding wide-spreading click fraud. Cybersecurity personals said that ...

    Gamers Must Be Aware of long-Scale  Click Fraud Campaign- Says Microsoft 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

    UK’s Financial Watchdog Goes Real-time to Catch Online Criminals

    The FCA is sweeping the internet on a day-to-day basis to pull out cybercriminals, as the number ...

    UK’s Financial Watchdog Goes Real-time to Catch Online Criminals 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

    The Philippines Introduces Crypto Guidelines Against Financial Crimes

    The Philippines Monetary Board (MB) has approved the guidelines regarding the virtual assets serv...

    The Philippines Introduces Crypto Guidelines Against Financial Crimes Explore More

    News

    With Rising Fintech Adoption, FI’s are Investing in AI for AML Compliance: Report

    Reduced rates of false positives and the resulting decline in operational costs have caused an in...

    With Rising Fintech Adoption, FI’s are Investing in AI for AML Compliance: Report Explore More

    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

    BPI Crackdowns on Money Mules to Secure Financial Institutions

    The Bank of Philippine Islands (BPI) was flagged on Wednesday as it was suspected to be involved ...

    BPI Crackdowns on Money Mules to Secure Financial Institutions Explore More

    News

    Cybercriminals Targeting Bitcoin ATMs to Launder Money – Says FBI

    The Federal Investigation Bureau (FBI) revealed gaps in financial regulations as money laundering...

    Cybercriminals Targeting Bitcoin ATMs to Launder Money – Says FBI Explore More

    News

    US Takes Steps to Regulate Digital Currency Amid Russian Sanction

    President Biden signed an executive order on Wednesday wherein the federal government was urged t...

    US Takes Steps to Regulate Digital Currency Amid Russian Sanction Explore More

    News

    Crypto Bill Approved by the US Congress Set to Revamp Digital Asset Securities

    The US Congress presented comprehensive legislation for the crypto market to redefine workflows a...

    Crypto Bill Approved by the US Congress Set to Revamp Digital Asset Securities Explore More

    News

    UBS to Restrict Credit Suisse Bankers After Takeover

    The bankers of Credit Suisse (CSGN.S) will be subjected to tighter regulations introduced by UBS ...

    UBS to Restrict Credit Suisse Bankers After Takeover Explore More

    News

    FCA Raises Major Concerns about Investing in Non-Fungible Tokens (NFTs)

    The FCA highlighted the significant risk associated with the Non-Fungible Tokens (NFTS) which may...

    FCA Raises Major Concerns about Investing in Non-Fungible Tokens (NFTs) Explore More

    News

    Ransomware Targets Outdated Microsoft Excel Macros to Deploy Attacks

    Microsoft Security Intelligence notified users of a type of ransomware, called Avaddon, that uses...

    Ransomware Targets Outdated Microsoft Excel Macros to Deploy Attacks Explore More

    News

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

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

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

    News

    Internet infrastructure industry plans on ensuring internet trust amidst COVID-19 outbreak

    As a global crisis emerges due to the Coronavirus outbreak, and global population practices socia...

    Internet infrastructure industry plans on ensuring internet trust amidst COVID-19 outbreak Explore More

    News

    Ireland embraces the EU’s Anti-Money Laundering (AML) directive

    EU’s anti-money laundering directive has been actively embraced by countries all across the globe...

    Ireland embraces the EU’s Anti-Money Laundering (AML) directive 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

    Are Educational Institutes Becoming the Next Target for Money Laundering?

    According to an investigation by The Times, higher-educational institutes have been unintentional...

    Are Educational Institutes Becoming the Next Target for Money Laundering? Explore More

    News

    FCA Raises Major Concerns about Investing in Non-Fungible Tokens (NFTs)

    The FCA highlighted the significant risk associated with the Non-Fungible Tokens (NFTS) which may...

    FCA Raises Major Concerns about Investing in Non-Fungible Tokens (NFTs) Explore More

    News

    FinTech in Malaysia is Improving Due to Friendly Regulations

    Malaysia has taken a user-friendly approach to adapt to financial regulations as it is working to...

    FinTech in Malaysia is Improving Due to Friendly Regulations Explore More

    News

    UAE to Revolutionize the Financial Regulatory Requirements

    A new set of measures are being taken by the Ministry of Justice in the UAE to curb the money lau...

    UAE to Revolutionize the Financial Regulatory Requirements Explore More

    News

    FINMA Penalizes Swiss Bank over Money Laundering of $78 Million

    The Swiss regulatory authority, FINMA, initiated a lawsuit against the senior management at Juliu...

    FINMA Penalizes Swiss Bank over Money Laundering of $78 Million Explore More

    News

    UKGC Imposes EUR 780K Fine on Buzz Bingo for AML Failure

    Buzz Bingo has been fined £780,000 by the UK Gambling Commission (UKGC) for social responsibility...

    UKGC Imposes EUR 780K Fine on Buzz Bingo for AML Failure Explore More

    News

    A lawsuit is filed against LifeLabs for a data breach incident

    As reported earlier, the Canadian laboratory testing company, LifeLabs was hit with a cyber-attac...

    A lawsuit is filed against LifeLabs for a data breach incident Explore More

    News

    Singapore replaces passwords and ID documents with facial recognition systems

    As reported by Strait Times, Singapore plans to replace passwords and identity documents with bio...

    Singapore replaces passwords and ID documents with facial recognition systems 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

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

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

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

    News

    Effective Measures are Needed to Tackle Money Laundering and Terrorist Financing, Says EMLCU’s Head

    The Union of Arab Banks arranged the three-day anti-money laundering and terrorist financing even...

    Effective Measures are Needed to Tackle Money Laundering and Terrorist Financing, Says EMLCU’s Head Explore More

    News

    Fraudsters are all set to exploit Black Friday sales. Beware!

    Criminals are aware that at this time of the year, shoppers are looking for discounted deals and ...

    Fraudsters are all set to exploit Black Friday sales. Beware! Explore More

    News

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

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

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

    News

    MAS Ramps Up Efforts Against Financial Crimes With the Help of Data Analytics

    Singapore’s central bank has revealed in a report on Wednesday that financial criminals will be p...

    MAS Ramps Up Efforts Against Financial Crimes With the Help of Data Analytics Explore More

    News

    Central Bank of UAE Issues Updated Guidance For Licensed Financial Institutions

    CBUAE issues updated guidance for licenced financial institutions on growing risks of money laund...

    Central Bank of UAE Issues Updated Guidance For Licensed Financial Institutions Explore More

    News

    Macau to Introduce Digital Currency to Combat AML Threats in Casinos

    Macau is moving towards introducing digital currency to fight money laundering and tax evasion in...

    Macau to Introduce Digital Currency to Combat AML Threats in Casinos Explore More

    News

    Wealthy Americans Targeted by U.S. in Panama Tax-fraud Probe

    Financial authorities in the US obtained a legal mandate to acquire information about wealthy cit...

    Wealthy Americans Targeted by U.S. in Panama Tax-fraud Probe Explore More

    News

    FIAU Fines iGaming Company Approximately €236,789 for Money Laundering

    The Financial Intelligence Analysis Unit has ordered a Malta-based remote gaming operator to pay ...

    FIAU Fines iGaming Company Approximately €236,789 for Money Laundering Explore More

    News

    Police warns after an increase in online scams selling face masks

    The Cleveland Police has warned the public regarding the increasing number of Coronavirus related...

    Police warns after an increase in online scams selling face masks Explore More

    News

    Canada’s Federal Government Announces Public Consultation Regarding a New Framework for Digital Identity

    Canada’s government announces public consultation for creating a federally regulated digital iden...

    Canada’s Federal Government Announces Public Consultation Regarding a New Framework for Digital Identity Explore More

    News

    The UK Introduces Beneficial Ownership Register for Overseas Entities

    The implementation of the UK government’s Economic Crime (Transparency and Enforcement) Bill has ...

    The UK Introduces Beneficial Ownership Register for Overseas Entities Explore More

    News

    Man Sentenced to 5 Years in Jail for Laundering $2.6M Through BTC ATMs

    UK law enforcement authorities recently sentenced a 22-year-old man named Bazyli Rymarz to 5 year...

    Man Sentenced to 5 Years in Jail for Laundering $2.6M Through BTC ATMs Explore More

    News

    Brazil to Introduce Facial Recognition to Verify People Wearing Masks at Airports

    Countries across the globe are taking necessary steps to introduce facial recognition at the airp...

    Brazil to Introduce Facial Recognition to Verify People Wearing Masks at Airports Explore More

    News

    AUSTRAC Hits Military Bank with Enforcement Action to Ensure AML Compliance

    The financial regulator in Australia has hit the Australian Military Bank with implementation act...

    AUSTRAC Hits Military Bank with Enforcement Action to Ensure AML Compliance Explore More

    News

    ECB Will Be Launching Digital Euro Project

    An electronic equivalent of banknotes and coins, the digital euro will likely be a digital wallet...

    ECB Will Be Launching Digital Euro Project 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

    Central Bank Of China Tightens Financial Regulations to Curb Money Laundering

    The Central Bank of China is tightening financial regulation to put limits on transactions, aimin...

    Central Bank Of China Tightens Financial Regulations to Curb Money Laundering Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started