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

    66.249.91.196

    Singapore Passes Stringent Regulations to Clamp Down on Money Mules

    n-img-singapore

    Singapore has passed stringent regulations to clamp down on money mules and those who give control of their bank accounts and Singpass to curb crimes in the country.

    The revisions in the Corruption, Drug Trafficking and Other Serious Crimes Bill and the Computer Misuse Bill make it easy to prosecute individuals selling their Singpass and payment accounts. However, the amendments introduced negligent and rash money laundering, revealing Singpass’s credentials to perpetrate crime. 

    Those guilty of rash money laundering may face a five-year maximum sentence and a fine of up to $250,000. On the other hand, negligent money launderers receive a prison term of up to three years and a maximum fine of $150,000. Those found guilty of being an accessory to such crimes will face a jail sentence of up to three years and a fine of up to $50,000. 

    As per the new laws, disclosing Singpass credentials, either knowing or suspecting that they could be used to perpetrate a crime, will be considered an offence. Those who give up their credentials and are found to have received monetary gain will be prosecuted for knowingly being involved with money mule scams and facilitating money laundering. Moreover, if the user can not find the identity and location of the individual to whom they reveal the details, they may also face liability. Individuals found guilty of this Singpass offence will face a maximum sentence of three years, with a fine of up to $10,000. 

    From 2020 to 2022, a mere year, reportedly saw 19,000 money mule scams in  Singapore alone, but fewer than 250 individuals were sentenced due to gaps in the regulation.

    According to the Second Minister for Home Affairs of Singapore, Josephine Teo, the goal is not to punish these individuals with legal consequences. Instead, the authorities would carefully consider various factors in every case and act judiciously. Mrs Teo said that Bills would come into effect in six months so the public could familiarise themselves with the amendments.

    Suggested Reads:

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

    German Customs to Strengthen Fight Against Organised Crime and Money Laundering

    Indiana Witnesses a Spike in Identity Theft and Data Breaches

    Related Posts

    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

    Philippines: Banks Reminded to Closely Monitor and Report Suspicious Transactions

    Philippines ramps up efforts to step out of the FATF’s grey list and reminds banks to monitor and...

    Philippines: Banks Reminded to Closely Monitor and Report Suspicious Transactions 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

    Australian Regulators Seeking to Implement Travel Rules for Cryptocurrency

    Australia is looking at the laws that would require cryptocurrency providers to record the inform...

    Australian Regulators Seeking to Implement Travel Rules for Cryptocurrency Explore More

    News

    Satabank Penalized with €851,000 for Non-Compliance

    Financial Intelligence Analysis Unit (FIAU) on Statabank has decided to fine the bank the sum of ...

    Satabank Penalized with €851,000 for Non-Compliance 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

    Court Convicts Defendant of Defalcation of Public Funds in Abu Dhabi

    A defendant was convicted of money laundering and tax evasion by Abu Dhabi Criminal Court and sen...

    Court Convicts Defendant of Defalcation of Public Funds in Abu Dhabi Explore More

    News

    Lloyds Bank Charged with £500K Fine for Breach of Financial Regulatory Standards

    Lloyds Bank corporate markets jersey received a fine of £498,000 in relation to the dealings with...

    Lloyds Bank Charged with £500K Fine for Breach of Financial Regulatory Standards 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

    News

    FCA Bans Crypto-Related Investments in the UK

    Financial Conduct Authority- FCA had proposed a ban on crypto-related investments in October 2020...

    FCA Bans Crypto-Related Investments in the UK Explore More

    News

    Peru’s Former and Current President under Investigation for Alleged Money Laundering

    Peru’s former and current presidents are under investigation for alleged money laundering a...

    Peru’s Former and Current President under Investigation for Alleged Money Laundering Explore More

    News

    CBR to Restrict Crypto-Related Transactions to Prevent Financial Crime

    The Central Bank of Russia is limiting ways for cryptocurrency investments including blocking pay...

    CBR to Restrict Crypto-Related Transactions to Prevent Financial Crime Explore More

    News

    Iranian Banks in Bahrain to be Prosecuted for Breaching AML Sanctions

    Bahrain’s public prosecutor declared that the 13 Iranian banks, including the Central Bank of Ira...

    Iranian Banks in Bahrain to be Prosecuted for Breaching AML Sanctions Explore More

    News

    Shufti picks up two business awards

    October has been an amazing month for Shufti. In September it was nominated for outstanding p...

    Shufti picks up two business awards Explore More

    News

    South Korea Demands Crypto Exchange Data from Banks for Tighter Regulations

    The financial regulators in South Korea are seeking crypto exchange data from the banks in order ...

    South Korea Demands Crypto Exchange Data from Banks for Tighter Regulations 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

    Legal Challenges Against TikTok for Breaching Child Privacy Policy

    TikTok, the most trending social media application in the present times is facing legal actions f...

    Legal Challenges Against TikTok for Breaching Child Privacy Policy 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

    A Three-fold Rise in AML Penalties in China in 2020

    China’s banks and financial institutions have faced an increase in penalties in the year 2020 due...

    A Three-fold Rise in AML Penalties in China in 2020 Explore More

    News

    Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure

    The gambling operator, Resorts World Sentosa (RWS), was fined by Singapore’s Gambling Regulatory ...

    Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure Explore More

    News

    Client Sues Credit Suisse for Losing $607 Million in Fraud Scheme

    A Georgian billionaire, Bidzina Ivanishvili, has sued the Swiss bank, Credit Suisse over a Fraud ...

    Client Sues Credit Suisse for Losing $607 Million in Fraud Scheme Explore More

    News

    Ransomware attacks increase as more people work from home

    According to a study published by the cybersecurity firm, Proofpoint, there has been an increase ...

    Ransomware attacks increase as more people work from home Explore More

    News

    Bank of England fines Citigroup £44m Over Poor Financial Information

    The Bank of England has fined the UK branch of the US bank, Citigroup, a record £44m because the ...

    Bank of England fines Citigroup £44m Over Poor Financial Information Explore More

    News

    Manchester Police Retrieves & Returns $23 Million Stolen Crypto Assets to Scam Victims

    Manchester police have confiscated over $25 million worth of crypto that were stolen globally in ...

    Manchester Police Retrieves & Returns $23 Million Stolen Crypto Assets to Scam Victims Explore More

    News

    14 Arrested in Money-Laundering Crackdown, Over HK$300 Million Seized

    Hong Kong police carried out a crackdown on money laundering groups, 14 arrested and HK$300 milli...

    14 Arrested in  Money-Laundering Crackdown, Over HK$300 Million Seized 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

    Europol & Budapest Police Arrest Criminal Group for Laundering EUR 44 Million

    The Budapest Metropolitan Police along with Europol have arrested a criminal group involved in mo...

    Europol & Budapest Police Arrest Criminal Group for Laundering EUR 44 Million Explore More

    News

    Germany to Form a new Anti-Money Laundering Agency

    Germany is reportedly forming a new AML agency that aims to regulate sanction efforts and money l...

    Germany to Form a new Anti-Money Laundering Agency Explore More

    News

    Californian man apprehended in Moorpark ID theft case

    A 37-year-old man in the Californian city of Bakersfield was arrested on Wednesday on suspicion o...

    Californian man apprehended in Moorpark ID theft case Explore More

    News

    Chinese Police Seize $124M Money Laundering Scam in Zunyi City

    The money laundering gang was able to conceal its fraudulent activities for a while by using 500 ...

    Chinese Police Seize $124M Money Laundering Scam in Zunyi City Explore More

    News

    President of Argentina Open to CBDC Adoption but Central Bank Says No

    Alberto Fernandez, President of Argentina showed openness to adoption of Bitcoin and Central Bank...

    President of Argentina Open to CBDC Adoption but Central Bank Says No Explore More

    News

    OCC Warns Federal Banking System of Crypto & Cybersecurity Risks

    The OCC has warned the federal banking associations, branches and agencies on crypto-asset and cy...

    OCC Warns Federal Banking System of Crypto & Cybersecurity Risks Explore More

    News

    New Jersey Hospital System Hit By a Ransomware Attack

    One of the largest hospital systems of New Jersey has reported that it was hit by a ransomware at...

    New Jersey Hospital System Hit By a Ransomware Attack Explore More

    News

    American Law Firms Building Class Suits against HSBC and Standard Chartered for Money Laundering

    Labaton Sucharow and Schall Law have a record of pursuing legal claims against listed organizatio...

    American Law Firms Building Class Suits against HSBC and Standard Chartered for Money Laundering Explore More

    News

    Joint US-Spanish Operation Broke a Multi-Million Euro Credit Card Scam

    The US Secret Service and Spanish police were working together on an operation when they shut dow...

    Joint US-Spanish Operation Broke a Multi-Million Euro Credit Card Scam Explore More

    News

    DISA is Working on a Digital Identity, Credential, and Access Management Tool

    According to Nextgov reports, the Defense Information System Agency (DISA) in the US has announce...

    DISA is Working on a Digital Identity, Credential, and Access Management Tool Explore More

    News

    Digital euro successfully tested at the Bank of France

    On May 20, Banque de France announced that France has become the first country to successfully te...

    Digital euro successfully tested at the Bank of France Explore More

    News

    “Money Mule Crimes Double in Cork, Students are an Easy Target”, Says the Police

    According to police investigations, the number of money mule activities in Cork city has doubled ...

    “Money Mule Crimes Double in Cork, Students are an Easy Target”, Says the Police Explore More

    News

    The US and UK Strengthen Ties Regarding Crypto Regulations, Says British Regulator

    The Top British regulator FCA reported that the US and UK are strengthening ties on crypto regula...

    The US and UK Strengthen Ties Regarding Crypto Regulations, Says British Regulator Explore More

    News

    Leading MSB Industry Associations Introduce Best Practices For Anti-Money Laundering

    The introduction of the best practices for anti-money laundering by leading MSB industry associat...

    Leading MSB Industry Associations Introduce Best Practices For Anti-Money Laundering Explore More

    News

    California to Legislate Stronger Children’s Online Safety Bill

    Assembly Bill 2273 for children’s online safety and privacy was approved by lawmakers in Ca...

    California to Legislate Stronger Children’s Online Safety Bill Explore More

    News

    EU Regulators Say Crypto Exchange Licenses Should be Revoked for Money Laundering

    EU regulators have proposed that the licenses of crypto exchanges should be revoked in case of se...

    EU Regulators Say Crypto Exchange Licenses Should be Revoked for Money Laundering Explore More

    News

    Over $700M Embezzled From Iraq’s Public Fundings – Anti Corruption Commission

    The Iraq Anti-corruption commission has pointed out the illegal use of people’s funding fro...

    Over $700M Embezzled From Iraq’s Public Fundings – Anti Corruption Commission Explore More

    News

    Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering

    Colombia’s Financial Crimes Unit has detected $20 billion in financial operations that are potent...

    Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering Explore More

    News

    UK Treasury Committee Launches Inquiry into the Role of Crypto Assets and the Associated Risks

    The Treasury Committee of the UK’s House of Commons has urged the public to submit their take and...

    UK Treasury Committee Launches Inquiry into the Role of Crypto Assets and the Associated Risks Explore More

    News

    ChatBooks notifies users of the data breach after data sold on the dark web

    ChatBooks has recently disclosed the data breach following a cyber attack on its system that resu...

    ChatBooks notifies users of the data breach after data sold on the dark web Explore More

    News

    UAE Adopts Facial Recognition for ID Verification Instead of Emirates ID Card Readers

    Facial recognition instead of Emirates ID card readers will now verify identity. The Federal Auth...

    UAE Adopts Facial Recognition for ID Verification Instead of Emirates ID Card Readers 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

    Blue Star Planet to Pay £620,000 for AML Failures Uncovered by Gambling Commission

    Blue Star Planet which was trading as 10Bet to pay £620,000 ($746,716) after it was found guilty ...

    Blue Star Planet to Pay £620,000 for AML Failures Uncovered by Gambling Commission Explore More

    News

    FATF’s New Regulations Will Help Sanctions Find Russian Targets

    The Financial Action Task Force’s drive to eliminate the anonymity of corporate beneficiaries mak...

    FATF’s New Regulations Will Help Sanctions Find Russian Targets Explore More

    News

    EU Court of Justice Passes Judgement Against Provision of AMLD5

    EU Court of Justice has passed a judgment against the provision of the AMLD5, concluding that pub...

    EU Court of Justice Passes Judgement Against Provision of AMLD5 Explore More

    News

    Property Brokers in New Zealand Given Official Warning over AML/CFT Compliance

    An eighty-branch real estate agency in New Zealand, Property Brokers, has received their first fo...

    Property Brokers in New Zealand Given Official Warning over AML/CFT Compliance Explore More

    News

    Germany to Form a new Anti-Money Laundering Agency

    Germany is reportedly forming a new AML agency that aims to regulate sanction efforts and money l...

    Germany to Form a new Anti-Money Laundering Agency 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

    Interpol Seizes $130M Worth of Virtual Assets from Cybercriminals Worldwide

    The International Criminal Police Organization Interpol has seized $130 million worth of virtual ...

    Interpol Seizes $130M Worth of Virtual Assets from Cybercriminals Worldwide Explore More

    News

    Monetary Authority of Singapore to Support G20 TechSprint Initiative

    The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, rec...

    Monetary Authority of Singapore to Support G20 TechSprint Initiative Explore More

    News

    Zoom improves user security by incorporating 2FA for all users

    Zoom confirmed adding 2-factor authentication (2FA) for all the users of the platform. This marks...

    Zoom improves user security by incorporating 2FA for all users 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

    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

    Signature Bank under Criminal Investigation

    US prosecutors are investigating the relation of Signature Bank with crypto clients as regulators...

    Signature Bank under Criminal Investigation Explore More

    News

    Shufti’s Age Verification Solution Approved by KJM

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

    Shufti’s Age Verification Solution Approved by KJM Explore More

    News

    American Gaming Association Updates Best Practices for AML

    The American Gaming Association (AGA) has released updated “Best Practices for Anti-Money Launder...

    American Gaming Association Updates Best Practices for AML Explore More

    News

    Personal Privacy Concerns Raised over FinCEN’s Proposed Crypto Rules

    The advocacy group in their latest comment has disregarded the proposed regulatory requirements b...

    Personal Privacy Concerns Raised over FinCEN’s Proposed Crypto Rules 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

    PayPal is hiring crypto engineers amid rumors of Bitcoin integration

    Crypto and blockchain experts are being hired by Paypal as rumors circulate that the global payme...

    PayPal is hiring crypto engineers amid rumors of Bitcoin integration Explore More

    News

    Ghana Records $4.33m Financial Losses to Cyber Fraud in Q1’23

    Ghana suffered direct financial losses of US $4.33 million due to cyber fraud activities between ...

    Ghana Records $4.33m Financial Losses to Cyber Fraud in Q1’23 Explore More

    News

    China’s Central Bank Fines Zhongtian Securities $216k for AML Breaches

    China’s Central bank has fined Zhongtian Securities Co. Ltd. 1.37 million yuan ($216,000) for AML...

    China’s Central Bank Fines Zhongtian Securities $216k for AML Breaches Explore More

    News

    FATF Upgrades Guidelines on Risk-Based Approach for VA/VASPs

    FATF (Financial Action Task Force) is upgrading the regulations regarding the risk-based approach...

    FATF Upgrades Guidelines on Risk-Based Approach for VA/VASPs 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

    NY Lawmakers Approve Legislation Against Financial Fraud

    Michael Gianaris, Deputy Leader of the Senate, recently announced his legislative measures to pro...

    NY Lawmakers Approve Legislation Against Financial Fraud Explore More

    News

    Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources

    Principal Secretary for Internal Security, Dr Raymond Omollo, has sent a directive to Non-Governm...

    Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources 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

    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