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

    216.73.216.28

    Swedbank Estonia Reports High-Risk Client for Laundering $2 Billion

    News Image Mar 10, 2022-01

    Swedbank Estonia labeled one of its clients a “high-risk” company due to suspicious transactions and reported other companies linked to the mining group to US regulators.

    The bank dropped Solway as a client as it identified suspicious transactions related to the mining group using shell companies. According to reporters, hundreds of transactions worth over $1.9 billion in leaked banking data between 23 companies that were linked to Solway.

    Many of these companies were reported to US regulators for millions of dollars worth of suspicious transactions. Other companies that were reported were involved in Russian tax evasion and money laundering scandals.

    In early 2019, Swedbank executives were showing concerns regarding their branch in Estonia being used as a source to launder billions of dollars. A memo was then circulated to the employees of the bank, highlighting the measures that were taken to deal with “high-risk” customers in the previous years. These measures included closing down the accounts of hundreds of customers.

    Solway Investment Group, a metals company that operates mines and smelting facilities in various countries around the world, was one of the companies that had its account closed. 

    Most of the companies in the Solway group were identified as “holding/transaction entities,” some of which had carried out “questionable transactions,” said the memo, obtained by Eesti Ekspress. It noted Solway had “declined the request to present correct ownership documentation” and so was “offboarded in 2011.”

    When large sums of money were being laundered through its Baltic operations, Swedbank shut down the account of Solway and it was no longer a customer. Later on, investigators found that approximately 200 billion euros were laundered using the accounts in Estonian branches of Swedbank and Danske Bank in Denmark between the years 2007 and 2015.

    Most of the laundered money came from Russia and Eastern Europe to shell companies and resulted in one of the largest-ever money laundering scandals.

    Suggested read: Swedbank Cuts Former CEOs Golden Parachute Over Money Laundering 

    Related Posts

    News

    Ireland’s Central Bank Found Gaps in Anti-Money Laundering Compliance Practices

    Ireland’s Central bank has found that certain financial firms are lacking in regards to anti-mone...

    Ireland’s Central Bank Found Gaps in Anti-Money Laundering Compliance Practices Explore More

    News

    Global Banks Slapped with a Total of $14.21 Billion Fines in 2020

    Finbold released a report on the global banks that were fined in 2020. According to the report, a...

    Global Banks Slapped with a Total of $14.21 Billion Fines in 2020 Explore More

    News

    UK Approves New Age Verification Laws to Protect Children

    The UK government approved the “Online Safety Bill,” which contains measures to protect children ...

    UK Approves New Age Verification Laws to Protect Children Explore More

    News

    Constitutional & Legislative Committee of Egypt Approves Amendments to AML Laws

    Egypt’s constitutional and legislative affairs committee approved a government drafted bill...

    Constitutional & Legislative Committee of Egypt Approves Amendments to AML Laws Explore More

    News

    The UAE Central Bank Revokes Dirham Exchange’s Licence for AML Misconduct

    Dirham Exchange, an exchange house based in the UAE, has had its licence revoked by The UAE Centr...

    The UAE Central Bank Revokes Dirham Exchange’s Licence for AML Misconduct Explore More

    News

    Nigerian Parliament Strengthens AML/CTF Laws for Real Estate Industry

    Nigerian real estate regulatory authority to mandate businesses to comply with AML/CTF compliance...

    Nigerian Parliament Strengthens AML/CTF Laws for Real Estate Industry Explore More

    News

    FCA Probe into Barclays for Anti-Money Laundering Failings

    The Financial Conduct Authority opened a probe into Barclays for suspected failings in compliance...

    FCA Probe into Barclays for Anti-Money Laundering Failings Explore More

    News

    Federal Prosecutors to End Criminal Investigations on Gambling Site ‘5Dimes’

    5Dimes is a Costa Rica-based online gambling site that took bets from the US clients illegally. P...

    Federal Prosecutors to End Criminal Investigations on Gambling Site ‘5Dimes’ Explore More

    News

    £23.8 Million Fined to MT Global for AML Non-Compliance

    A Money Service Business (MSB) firm, MT Global, penalized by HM Revenue and Customs for breaching...

    £23.8 Million Fined to MT Global for AML Non-Compliance Explore More

    News

    German FinTech N26 Notches $100M Amid COVID-19 Uncertainty

    A funding deal for an extra $100 million has been closed by a German challenger bank N26 as it pr...

    German FinTech N26 Notches $100M Amid COVID-19 Uncertainty Explore More

    News

    Portuguese Banks Restrict Services for Crypto Exchanges, Citing Risky Grounds

    Portuguese banks have restricted services of multiple crypto exchange firms operating in the coun...

    Portuguese Banks Restrict Services for Crypto Exchanges, Citing Risky Grounds Explore More

    News

    South Kesteven Council Strengthens AML Controls for Right to Buy Scheme

    South Kesteven council tightened the anti-money laundering controls over questions raised by buye...

    South Kesteven Council Strengthens AML Controls for Right to Buy Scheme Explore More

    News

    European Banking Authority Issues Latest Regulations on Crypto Travel Rules

    The European Banking Authority (EBA) announced the new consultation process to implement the cryp...

    European Banking Authority Issues Latest Regulations on Crypto Travel Rules Explore More

    News

    Abu Dhabi Regulatory Authority Fines Pyypl $486,000 for Violating Money Laundering Laws

    Abu Dhabi Global Market (ADGM) financial regulatory authority fined $486,000 to digital UAE bank ...

    Abu Dhabi Regulatory Authority Fines Pyypl $486,000 for Violating Money Laundering Laws Explore More

    News

    Phase One of the Crypto Regulatory Framework in Switzerland Begins

    As of today, phase one of the regulatory framework regarding the cryptocurrency and blockchain in...

    Phase One of the Crypto Regulatory Framework in Switzerland Begins Explore More

    News

    $9.8 Million Lost, 40 Arrested in Twitch Money Laundering Scheme

    On Tuesday, 4th January, Turkish police took 40 suspects into custody from 11 provinces for alleg...

    $9.8 Million Lost, 40 Arrested in Twitch Money Laundering Scheme Explore More

    News

    Giaba Trains BDC Operators for Money Laundering & Terrorist Financing

    GIABA (Inter-Governmental Action Group against Money Laundering in West Africa) has started a thr...

    Giaba Trains BDC Operators for Money Laundering & Terrorist Financing Explore More

    News

    Canada Seeks to Digitize ID-Documents for Enhanced Security Measures

    Canada, Ontario’s government is working towards digitizing the identity documents and seeks publi...

    Canada Seeks to Digitize ID-Documents for Enhanced Security Measures Explore More

    News

    Paramount and Forever 21 Data Breach Exposes Thousands of Customer’s Personal Details

    The significant media house Paramount Global and the renowned fashion supplier, Forever 21, have ...

    Paramount and Forever 21 Data Breach Exposes Thousands of Customer’s Personal Details 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

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

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

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

    News

    The Netherlands To House an EU-based Anti-Money Laundering Agency in the Hague

    The Netherlands is aiming to create a new anti-money laundering agency with the principles of the...

    The Netherlands To House an EU-based Anti-Money Laundering Agency in the Hague Explore More

    News

    Turkey Mandates NFC-based Identity Verification for Customer Onboarding

    Turkey’s regulatory body, Banking Regulation and Supervision Agency (BRSA) has issued new regulat...

    Turkey Mandates NFC-based Identity Verification for Customer Onboarding Explore More

    News

    Non-Compliant Banks Can End Up In FATF’s Gray list – Warns Governor of the South African Reserve Bank

    Lesetja Kganyago, Governor SARB confirms to the Parliament’s standing committee about the i...

    Non-Compliant Banks Can End Up In FATF’s Gray list – Warns Governor of the South African Reserve Bank Explore More

    News

    Money Laundering in Ireland Skyrockets as Criminals Move Online

    The cases of money laundering in Ireland has more than doubled last year and now it has spiked si...

    Money Laundering in Ireland Skyrockets as Criminals Move Online Explore More

    News

    MENAFATF Adopts Abu Dhabi Recommendations to Counter Money Laundering and Terrorism Financing

    An international group based on the FATF format, MENAFATF, has adopted the Abu Dhabi recommendati...

    MENAFATF Adopts Abu Dhabi Recommendations to Counter Money Laundering and Terrorism Financing 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

    UK Exposed to Significant Trade-based Money Laundering Risks Post-Brexit

    Risks related to trade-based money laundering in the UK are expected in the upcoming years, accor...

    UK Exposed to Significant Trade-based Money Laundering Risks Post-Brexit Explore More

    News

    Revised Financial Regulations in South Korea Now Covers Crypto Investors

    The financial regulators in South Korea announced that domestic crypto investors would be covered...

    Revised Financial Regulations in South Korea Now Covers Crypto Investors Explore More

    News

    Japan to Form Specialized AML/CFT Team in Response to FATF Review

    Japan has been advised by the FATF to enhance cross-agency coordination and overcome barriers of ...

    Japan to Form Specialized AML/CFT Team in Response to FATF Review Explore More

    News

    Payment Companies Suggest Best Practices To Stay Away From Bank Shutouts

    Payment companies have proposed a set of best practices to avoid bank shutouts by protecting the ...

    Payment Companies Suggest Best Practices To Stay Away From Bank Shutouts Explore More

    News

    Facial Recognition Market to Grow 12.5% Annually Through 2024

    According to a new report by Mordor Intelligence, the facial recognition market is expected to gr...

    Facial Recognition Market to Grow 12.5% Annually Through 2024 Explore More

    News

    Hong Kong Police Reveals 822 Romance Scams Occurred in 1H of 2021

    The Hong Kong Police has advised the public to remain cautious when meeting people online due to ...

    Hong Kong Police Reveals 822 Romance Scams Occurred in 1H of 2021 Explore More

    News

    Formal Warning Issued to Westpac Over AML Failures, RBNZ Discloses

    The bank underreported 8000 corporate transactions made overseas between July 2018 and February 2...

    Formal Warning Issued to Westpac Over AML Failures, RBNZ Discloses Explore More

    News

    New York Financial Department Releases Guidelines On Dollar-Backed Stable Coins

    The New York Financial Department has released “Guidance on the Issuance of U.S. Dollar-Backed St...

    New York Financial Department Releases Guidelines On Dollar-Backed Stable Coins 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

    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

    French Magazine XXI to Reveal ICIJ’s Take on Tax Havens

    In an interview with ICIJ, XXI editor David Servenay says that the offshore world is more powerfu...

    French Magazine XXI to Reveal ICIJ’s Take on Tax Havens Explore More

    News

    NSW Government Introduces New Money Laundering Laws To Combat Organised Crimes

    The New South Wales government  add new laws to increase the security against the criminal gangs ...

    NSW Government Introduces New Money Laundering Laws To Combat Organised Crimes Explore More

    News

    Binance’s Regulatory Setback in Singapore Shifts Attention to Middle East

    Binance, the world’s largest cryptocurrency exchange, withdrew its application for licence in Sin...

    Binance’s Regulatory Setback in Singapore Shifts Attention to Middle East Explore More

    News

    UAE Central Bank Imposes Dh352k Fine on Currency Exchange

    The Central Bank of the UAE has fined an exchange house with a total of Dh352,000 for shortcoming...

    UAE Central Bank Imposes Dh352k Fine on Currency Exchange Explore More

    News

    UAE Receives Observer Status at APG For Money Laundering

    UAE becomes the first Arab country receive an observer status at the Asia/Pacific Group of Money ...

    UAE Receives Observer Status at APG For Money Laundering 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

    Bipartisan Senators Propose Amendment of the National Defense Authorization Act to Prevent Crypto Money Laundering

    Bipartisan lawmakers in the US amended the obligations of anti-money laundering and updated the N...

    Bipartisan Senators Propose Amendment of the National Defense Authorization Act to Prevent Crypto Money Laundering Explore More

    News

    $2 Shell company laundered hundreds of millions at Crown Casino Perth

    International organizations are believed to be using Crown Perth to launder hundreds through $2 s...

    $2 Shell company laundered hundreds of millions at Crown Casino Perth Explore More

    News

    Japanese financial watchdog frowns on gambling dapps

    Regulators in Japan may be more likely to accept new digital currencies for trading if they have ...

    Japanese financial watchdog frowns on gambling dapps Explore More

    News

    Small Business Group Sues Treasury Department Over ‘Money Laundering Transparency Initiative’

    A small business lobbying group has sued the Treasury Department over asking more than 30 million...

    Small Business Group Sues Treasury Department Over ‘Money Laundering Transparency Initiative’ Explore More

    News

    FATF Urges Qatar to Increase its Efforts Against Money Laundering

    A recent FATF evaluation of Qatar’s anti-money laundering procedures says local regulators must w...

    FATF Urges Qatar to Increase its Efforts Against Money Laundering Explore More

    News

    US Courtrooms Ponder Over the Photo ID Requirement for Voters

    The US courtrooms are again facing the debate over the use of photo identification for voters. A ...

    US Courtrooms Ponder Over the Photo ID Requirement for Voters 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

    Central Bank of Bangladesh Concerns Over Data Submission Delays and Abnormalities

    The Central Bank of Bangladesh has raised concerns over licensed bank dealers for late submission...

    Central Bank of Bangladesh Concerns Over Data Submission Delays and Abnormalities Explore More

    News

    FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs

    FIU has highlighted in its annual report the risk of money laundering and terrorist financing in ...

    FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs Explore More

    News

    UAE Central Bank Issues New AML/CFT Guidelines for Licensed Financial Institutions

    CBUAE (Central Bank of UAE) has administered new AML/CFT guidance for Licensed Financial Institut...

    UAE Central Bank Issues New AML/CFT Guidelines for Licensed Financial Institutions Explore More

    News

    EU Parliament to Consider Black-Listing Switzerland After Credit Suisse Leaks

    The European Parliament’s main political group called for a review of Switzerland’s banking pract...

    EU Parliament to Consider Black-Listing Switzerland After Credit Suisse Leaks Explore More

    News

    UK Exposed to Significant Trade-based Money Laundering Risks Post-Brexit

    Risks related to trade-based money laundering in the UK are expected in the upcoming years, accor...

    UK Exposed to Significant Trade-based Money Laundering Risks Post-Brexit Explore More

    News

    China’s cyberspace regulators approve 224 blockchain ventures

    China’s Office of the Central Cyberspace Affairs Commission (OCCAC) has recently announced a new ...

    China’s cyberspace regulators approve 224 blockchain ventures Explore More

    News

    China Introduces 5-Point Strategy to Enforce Crypto AML Measures

    China’s newly appointed governor of the Central Bank emphasised the AML regulations to safeguard ...

    China Introduces 5-Point Strategy to Enforce Crypto AML Measures Explore More

    News

    Council of Europe Urges Montenegro to Step Up AML Measures

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

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

    News

    Switzerland Endorses Rigorous AML Measures

    Switzerland has introduced new anti-money laundering regulations to bolster financial institutes&...

    Switzerland Endorses Rigorous AML Measures Explore More

    News

    El Salvador Must Address Bitcoin’s Risks, Demands IMF

    The IMF has urged El Salvador to address the risk associated with the adoption of bitcoin as a le...

    El Salvador Must Address Bitcoin’s Risks, Demands IMF Explore More

    News

    $320 Million Worth of Cryptocurrency Stolen in Wormhole Hack

    A recent hack on one of the most popular blockchain bridges linking Ethereum and Solana led to th...

    $320 Million Worth of Cryptocurrency Stolen in Wormhole Hack Explore More

    News

    The number of Bitcoin ATMs has increased to 8,000

    The total number of Bitcoin ATMs across the world have crossed 8,000. The United States has more...

    The number of Bitcoin ATMs has increased to 8,000 Explore More

    News

    EU’s New Anti-Money Laundering Watchdog to Monitor the Crypto Space

    The European Union is developing a program to impose stringent regulations on the cryptocurrency ...

    EU’s New Anti-Money Laundering Watchdog to Monitor the Crypto Space Explore More

    News

    The Ringleader of a Crypto-Ponzi Scheme Arrested After a Flee Attempt

    Mathew Piercey, a Ponzi scheme leader who defrauded $35 million for crypto mining and other inves...

    The Ringleader of a Crypto-Ponzi Scheme Arrested After a Flee Attempt Explore More

    News

    Massive Cyberattack on Australia Uses Cryptojacking Exploits

    According to the Australian Cyber Security Centre, a group of “state actors” hacked Australian ne...

    Massive Cyberattack on Australia Uses Cryptojacking Exploits Explore More

    News

    CFTC Fines CHS Hedging for AML and Other Violations

    The Commodity Futures Trading Commission (CFTC) has fined CHS Hedging a civil monetary penalty of...

    CFTC Fines CHS Hedging for AML and Other Violations Explore More

    News

    Australians Lost a Record Amount of Over $3 Billion to Scams in 2022

    The Australian Competition and Consumer Commission (ACCC) revealed that Aussies lost more than $3...

    Australians Lost a Record Amount of Over $3 Billion to Scams in 2022 Explore More

    News

    United Kingdom watchdog puts pressure on Deutsche bank

    According to the Financial Times, the United Kingdom financial regulator has censured the Deutsch...

    United Kingdom watchdog puts pressure on Deutsche bank Explore More

    News

    FIU Imposes a Fine of L$21 Million on Insurance Companies for AML Failings

    The Liberian financial intelligence unit (FIU) has imposed a L$21 million fine against all the in...

    FIU Imposes a Fine of L$21 Million on Insurance Companies for AML Failings Explore More

    News

    Namibia Launches Cyber Security Council to Curb e-Fraud

    Namibia has established a cyber security council that would act as a useful forum for discussions...

    Namibia Launches Cyber Security Council to Curb e-Fraud Explore More

    News

    Bank of Ghana Issues New Guidelines for AML and CTF

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

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

    News

    SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market

    SEC (Securities Exchange Commission) is to implement tough regulations to prevent money launderin...

    SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market 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