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

    18.218.2.200

    Singaporean Banks Enhance Security to Combat Financial Crime

    n-img-News2- Singapore’s Banks

    The Monetary Authority of Singapore (MAS) stated that the country’s banks are enhancing security measures to prevent illicit cash flow and combat digital terrorist financing through virtual assets. 

    According to the MAS, Singapore firms are strengthening their security and risk assessment measures for potential money laundering and terrorist financing after seizing over $2 billion in the money laundering raid earlier this year from cyberattackers. The MAS published the Financial Stability Review, comparing April’s AML measures. They noticed the financial firms take severe steps against money laundering and terrorist financing, whilst the most considerable perceived risk continued to be macro-financial risk brought on by higher interest rates and weaker economic growth.

     The MAS stated, “money laundering and terrorism financing will continue to be a major challenge for global financial hubs, given their open capital accounts and large gross capital inflows.” The MAS also forced the regulatory bodies to engage with the financial industry, supervise the customer due diligence, and assist them in identifying as well as disrupting money laundering. Additionally, MAS urged financial institutes to comply with international measures to secure the AML system. It also forces regulatory bodies to ensure financial firms have adequate internal controls and procedures to detect, prevent, and mitigate money laundering and terrorism financing risks. The MAS also encourages financial institutions to adopt robust technology and the latest obligations to detect and prevent money laundering.

    The MAS report also claimed that Singapore police have already blocked or confiscated assets worth over US $2 billion, including over 150 houses in the biggest probe of money laundering. It is a signal to secure the integrity of the country’s economic environment from various financial crimes. However, an investigation is still underway to see if the accused received illegal profits from international gambling operations and to monitor suspected banks that are involved in this scam. MAS also imposed hefty penalties on financial institutions that failed to comply with the AML requirements. Additionally, it urges them to report suspicious activities of the client and enhance real-time monitoring. According to the MAS, financial institutions must also provide regular reports and updates on their AML efforts.

    Suggested Reads:

    SINGAPORE CENTRAL BANK TO UTILISE AI TECHNOLOGY TO COMBAT MONEY LAUNDERING 

    SINGAPORE UNDER HIGH SCRUTINY AMID MONEY LAUNDERING SCANDAL

    SINGAPORE SCAMMERS LAUNDER MONEY THROUGH ONLINE GAMBLING

    Related Posts

    News

    LocalBitcoins Matching Exchange, Cited By U.S. In Bizlato Case, To Shut Down After 10 Years

    LocalBitcoins, the crypto firm named by the US treasury in the Bizlato exchange case, has announc...

    LocalBitcoins Matching Exchange, Cited By U.S. In Bizlato Case, To Shut Down After 10 Years Explore More

    News

    FATF Warns Many Countries Continue to Face Challenges in Meeting Virtual Asset Regulations

    Approximately 75% of FATF member countries fail to adhere to or only partially comply with Recomm...

    FATF Warns Many Countries Continue to Face Challenges in Meeting Virtual Asset Regulations Explore More

    News

    Saudi Arabia Takes New Measures to Tackle Financial Crime

    Saudi Authorities have approved a new legislative measure designed to enhance their efforts in fi...

    Saudi Arabia Takes New Measures to Tackle Financial Crime 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

    China Enhances AML Obligations to Combat Money Laundering

    Chinese authorities have released the latest guidelines to enhance security in the financial sect...

    China Enhances AML Obligations to Combat Money Laundering Explore More

    News

    UK Publishes First National Risk Assessment of Proliferation Financing

    The UK is at a high risk of proliferation financing for Korea and Iran, while UK financial instit...

    UK Publishes First National Risk Assessment of Proliferation Financing Explore More

    News

    US Rated as The Most Secretive Financial Jurisdiction in the World

    The US has been ranked the most secretive financial jurisdiction in the world due to deterioratio...

    US Rated as The Most Secretive Financial Jurisdiction in the World 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

    US Government to Establish New Corporate Transparency Act Regulations to Verify UBOs

    The US government is ready to change the process of reporting beneficial ownership. The final rul...

    US Government to Establish New Corporate Transparency Act Regulations to Verify UBOs Explore More

    News

    Namibia Enhances its National Crypto Strategy with New Legislation

    Namibia raises the bar with new legislation in the National Crypto Strategy to combat crypto scam...

    Namibia Enhances its National Crypto Strategy with New Legislation Explore More

    News

    National Treasury of Kenya Urges Companies to Hire Anti-Money Laundering Officers

    Kenya’s National Treasury Department forced financial and specified non-financial institutes to o...

    National Treasury of Kenya Urges Companies to Hire Anti-Money Laundering Officers Explore More

    News

    UK Adopts new Methods to Fight Money Laundering Through Sanction Regime

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

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

    News

    SRA Fines Oxfordshire Law Firm over Weak AML Controls

    The SRA (Solicitors Regulation Authority) has charged £20,000 to an Oxfordshire law firm after id...

    SRA Fines Oxfordshire Law Firm over Weak AML Controls Explore More

    News

    UK court orders crypto exchange to shut down after clients lose $2M

    In a recent statement, the U.K. government stated that 108 of their clients had lost a total of a...

    UK court orders crypto exchange to shut down after clients lose $2M 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

    Online Gaming Company Fined €386,000 for AML Failings

    Online Amusement Solution Limited, a gaming company, was fined more than €386,000 by the FIAU for...

    Online Gaming Company Fined €386,000 for AML Failings Explore More

    News

    SEC Updates Regulatory Disclosures for Chinese Issuers Amid Crackdown

    Chinese businesses, as per a ruling by the SEC, are directed to present additional disclosures re...

    SEC Updates Regulatory Disclosures for Chinese Issuers Amid Crackdown Explore More

    News

    13K Affected in Third-Party Data Breach at Anthem MaineHealth

    A third-party service provider accessed the database of Anthem MaineHealth and obtained patients’...

    13K Affected in Third-Party Data Breach at Anthem MaineHealth Explore More

    News

    US Officials allege student defrauded Apple as part of SIM swap attack

    Richard Yuan Li, a student at the University of California-San Diego, is charged with plotting to...

    US Officials allege student defrauded Apple as part of SIM swap attack Explore More

    News

    Swiss Government Gears Up to Establish a Central Registry for Beneficial Ownership

    The Swiss government plans to set up a central registry for beneficial ownership, a step that ind...

    Swiss Government Gears Up to Establish a Central Registry for Beneficial Ownership Explore More

    News

    Europol Warns Trade-Based Money Laundering Poses Substantial Threat to Financial Institutions

    Financial institutions faced trade-based money laundering as a new threat since the digitalisatio...

    Europol Warns Trade-Based Money Laundering Poses Substantial Threat to Financial Institutions Explore More

    News

    National Westminster Bank Pleads Guilty to AML Breaches

    NatWest has stated that it violated multiple anti-money laundering regulations that required the ...

    National Westminster Bank Pleads Guilty to AML Breaches Explore More

    News

    Governor Bank of France to Propose Licencing for Crypto Firms

    François Villeroy de Galhau, the Governor Bank of France, has passed more stringent regulatory pr...

    Governor Bank of France to Propose Licencing for Crypto Firms 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

    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

    65,000 Australian Credit Cards Discovered on Dark Web

    A significant proportion of stolen credit cards contained private information such as addresses, ...

    65,000 Australian Credit Cards Discovered on Dark Web Explore More

    News

    US Accuses Crypto Firms for Serving as Money Laundering Hub

    The US Treasury’s department targeted the crypto mixers to combat internationally operated financ...

    US Accuses Crypto Firms for Serving as Money Laundering Hub 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

    FIAU Fines Maltese Investment Fund €300,000 for ‘disregard’ of AML Rules

    The FIAU said that Southern Cross Sicav showed ‘disregard’ for its anti-money laundering obligati...

    FIAU Fines Maltese Investment Fund €300,000 for ‘disregard’ of AML Rules Explore More

    News

    EU and British Financial Watchdogs to Investigate Digital Stock Tokens

    The German and British regulators are reportedly investigating the stock token trading, recently ...

    EU and British Financial Watchdogs to Investigate Digital Stock Tokens Explore More

    News

    Officials Concerned about the Russian Money Laundering Done Through the UK

    The top officials in the UK have shown their concerns about the disturbing regularity of the Russ...

    Officials Concerned about the Russian Money Laundering Done Through the UK Explore More

    News

    UAE Convenes Summit on Curbing Money Laundering and Terrorism Financing

    The UAE convened an international summit on money laundering and terrorist financing prevention i...

    UAE Convenes Summit on Curbing Money Laundering and Terrorism Financing Explore More

    News

    Iran’s Finance Ministry Releases List of Individuals Suspected of Money Laundering

    The Finance Ministry of Iran has released its first list of individuals suspected of having links...

    Iran’s Finance Ministry Releases List of Individuals Suspected of Money Laundering Explore More

    News

    FinCEN Alerts FIs on Nationwide Surge in Check Fraud Targeting U.S Mail

    The FinCEN (Financial Crime Enforcement Network) issues an alert to all the FIs (Financial Instit...

    FinCEN Alerts FIs on Nationwide Surge in Check Fraud Targeting U.S Mail Explore More

    News

    The Anti-Money Laundering (AML) Whistleblower Program is Set to Fortify US Anti-Corruption Efforts in 2024

    The Anti-Money Laundering (AML) Whistleblower Program is projected to be a leading U.S. anti-corr...

    The Anti-Money Laundering (AML) Whistleblower Program is Set to Fortify US Anti-Corruption Efforts in 2024 Explore More

    News

    US to Form ‘Digital Asset Working Group’ to Clarify Crypto Regulations

    The U.S financial regulators are to work collectively to develop modalities for explicit crypto r...

    US to Form ‘Digital Asset Working Group’ to Clarify Crypto Regulations Explore More

    News

    Indonesia Becomes Member of International Watchdog, FATF

    The international money laundering watchdog, FATF, includes Indonesia as its member state, in a g...

    Indonesia Becomes Member of International Watchdog, FATF Explore More

    News

    China’s Financial Watchdogs All Set to Regulate FinTech Sector

    China’s four years regime to clear all risks from the financial system have been extended to the ...

    China’s Financial Watchdogs All Set to Regulate FinTech Sector Explore More

    News

    China Extends the Regulatory Crackdown to the Fintech Giants

    The financial watchdogs in China are rolling out new legislative measures to restrict the finance...

    China Extends the Regulatory Crackdown to the Fintech Giants Explore More

    News

    Ontario Labeled ‘Highly Vulnerable’ to Money Laundering Activities in Cullen Report

    The Canadian gambling sector is on its toes after Commissioner Austin Cullen’s report revealed in...

    Ontario Labeled ‘Highly Vulnerable’ to Money Laundering Activities in Cullen Report Explore More

    News

    National Audit Office Plans to Review FCA’s Responsibilities

    The National Audit Office (NAO) plans to assess the Financial Conduct Authority (FCA)’s growing r...

    National Audit Office Plans to Review FCA’s Responsibilities Explore More

    News

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

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

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

    News

    455 Social Media Accounts Flagged for Rolling Out Fake IDs – Europol Reports

    455 social media accounts flagged by Europol, which were providing fake identity documents to ill...

    455 Social Media Accounts Flagged for Rolling Out Fake IDs  – Europol Reports Explore More

    News

    Philippine Gaming Watchdog to Make Every Effort to Remove From FATF’s Gray List

    The Philippine Amusement and Gaming Corporation (PAGCOR) has stated that it will make every effor...

    Philippine Gaming Watchdog to Make Every Effort to Remove From FATF’s Gray List Explore More

    News

    DOJ Arrested Three Individuals In A $722 Million Cryptocurrency Ponzi Scheme

    The Department of Justice arrested three men on Tuesday, December 10, on charges of running an el...

    DOJ Arrested Three Individuals In A $722 Million Cryptocurrency Ponzi Scheme 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

    Pacific Financial Intelligence Unit Collaborates to Combat Money Laundering

    The Financial Intelligence Unit of the Pacific region arranged the meeting last week to enhance t...

    Pacific Financial Intelligence Unit Collaborates to Combat Money Laundering 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

    Regulatory Authorities to File a New Bill to Secure the Citizens from Cyber Criminal Activities

    Senator Estrada filed a bill to protect senior citizens unfamiliar with modern technology from cy...

    Regulatory Authorities to File a New Bill to Secure the Citizens from Cyber Criminal Activities Explore More

    News

    FIAU Charges ECCM Bank €310,000 for Weak AML Controls

    FIAU charged Silema-based ECCM Bank €310,000 over failings in money laundering controls, revealin...

    FIAU Charges ECCM Bank €310,000 for Weak AML Controls 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

    Swedbank Fined And Remains Under Investigation by US Authorities

    As Danske Bank awaits judgment by US regulators for being involved in Europe’s largest-ever money...

    Swedbank Fined And Remains Under Investigation by US Authorities Explore More

    News

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

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

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

    News

    UAE Arrests Gupta Brothers As Part of Efforts to Combat Money Laundering

    The UAE has arrested the internationally wanted Gupta brothers who were charged for money launder...

    UAE Arrests Gupta Brothers As Part of Efforts to Combat Money Laundering Explore More

    News

    US Treasury Hits Bittrex with $53 Million Fine Over Sanctions Violations

    The US Treasury Department has imposed a $53 million fine on Bittrex for violating sanctions and ...

    US Treasury Hits Bittrex with $53 Million Fine Over Sanctions Violations Explore More

    News

    AUSTRAC Warns Banks Against Closing Accounts of Crypto Traders

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

    AUSTRAC Warns Banks Against  Closing Accounts of Crypto Traders Explore More

    News

    Ramon Abbas, Nigerian Instagram Influencer Pleads Guilty to Million-dollar Fraud

    Nigerian instagram influencer, Ramon Abbas (Hushpuppi), admitted that he was involved in a conspi...

    Ramon Abbas, Nigerian Instagram Influencer Pleads Guilty to Million-dollar Fraud Explore More

    News

    Germany to Implement the 6th AML Directive to Secure Financial Firms

    The Federal Government of Germany has decided to draft a law for money laundering operations. Eur...

    Germany to Implement the 6th AML Directive to Secure Financial Firms 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

    EU Strengthens Capacity of CSOs to Combat Money Laundering & Improve Governance

    The European Union (EU) is working on boosting the capacity of more than 200 Civil Society Organi...

    EU Strengthens Capacity of CSOs to Combat Money Laundering & Improve Governance Explore More

    News

    CBUAE Issues New AML/CTF Guidelines for the Insurance Sector

    The Central Bank of the UAE (CBUAE) has announced new Anti Money Laundering and Countering Terror...

    CBUAE Issues New AML/CTF Guidelines for the Insurance Sector Explore More

    News

    Banks in the UK Face Customer Frustration for Digital Identity Checks

    The global analytics software service provider FICO has reported that the banks in the United Kin...

    Banks in the UK Face Customer Frustration for Digital Identity Checks 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

    China Pledges “Zero Tolerance” for Financial Fraud

    Top financial regulators in China pledged to introduce stricter controls following the recent dis...

    China Pledges “Zero Tolerance” for Financial Fraud Explore More

    News

    Saudi Arabia Permits 9 FinTech Companies to Operate in Regulatory Sandbox

    The Saudi Arabian Monetary Authority (SAMA) announced that it has allowed nine more FinTech firms...

    Saudi Arabia Permits 9 FinTech Companies to Operate in Regulatory Sandbox Explore More

    News

    PCMLTFA Update: FINTRAC Announces Flexible Compliance Approach

    On May 28, 2021, FINTRAC announced changes in Canada’s anti-money laundering regime under t...

    PCMLTFA Update: FINTRAC Announces Flexible Compliance Approach Explore More

    News

    New White House Standards Strategy May Affect Crypto Industry KYC Regulations

    President Biden’s administration unveiled a national standards strategy on May 4, outlining eight...

    New White House Standards Strategy May Affect Crypto Industry KYC Regulations Explore More

    News

    DC is the Latest State to Sue Juul over Targeting Minors

    The District of Columbia is now the latest state to sue c-cigarette maker, Juul Labs, saying the ...

    DC is the Latest State to Sue Juul over Targeting Minors Explore More

    News

    13K Affected in Third-Party Data Breach at Anthem MaineHealth

    A third-party service provider accessed the database of Anthem MaineHealth and obtained patients’...

    13K Affected in Third-Party Data Breach at Anthem MaineHealth Explore More

    News

    South Africa links fintech startups with financial regulators

    South Africa’s financial regulators have initiated the Inter-governmental Fintech Working Group (...

    South Africa links fintech startups with financial regulators Explore More

    News

    FINRA Issues Guidelines Regarding Penalties for Anti-Money Laundering Violations

    FINRA has issued its first-ever guidance to its member broker-dealers about the penalties that wi...

    FINRA Issues Guidelines Regarding Penalties for Anti-Money Laundering Violations Explore More

    News

    FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations

    The Financial Market Authority (FMA) has issued a formal warning to Pencarrow Private Equity Mana...

    FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations 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