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

    52.167.144.186

    Swiss FinTech Firm LeonTeq ‘Strongly Refutes’ Allegations of Suspicious Transactions

    n-img-swiss

    Swiss FinTech firm LeonTeq has rejected allegations of suspicious transactions with possible links to money laundering, saying that there is no evidence to back them.

    The Swiss firm said it “strongly refutes” allegations about its two products and its reporting of transactions linked to them. It said there had been internal and external probes of the case, which failed to produce evidence to back up the suspicions raised.

    The firm has hit back at claims in a recent media report alleging suspicious trading potentially related to tax evasion or money laundering by clients linked to Leonteq-issued products distributed by a firm based in the British Virgin Islands. 

    As a result, Leonteq’s shares have slumped by almost 24 per cent since last Friday.

    On Monday this week, the Financial Times reported that whistleblowers had accused auditor EY of whitewashing suspicious trades, including money laundering and tax evasion in an investigation it conducted this year for Leonteq, a long-standing client.

    Leonteq created two trades for French workers’ co-operative society ID Formation at the start of 2021, the FT reported.

    Shares in Leonteq fell sharply and continued to lose ground on Tuesday. Since Friday, they have sunk more than 24 per cent. Yesterday, the shares were up slightly on the day.

    Leonteq, which is listed on the SIX exchange, noted that the 10 October article contained allegations made concerning two Leonteq-issued products, “vaguely referring to potential tax evasion or money laundering by third parties.”

    “The assertion was made that Leonteq should have reported those transactions to the relevant authorities and that a special investigation conducted into this matter was not sufficiently independent. 

    Leonteq strongly refutes these allegations, which were first raised internally in 2021 and were thoroughly investigated by Leonteq’s compliance department. This investigation found no evidence that would corroborate the suspicions raised,” the firm, which is based in Switzerland, said in an emailed statement to WealthBriefing and other media yesterday. 

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

    Related Posts

    News

    AMLC Proposing Strict Monitoring Measures for FX Trading To Tackle Money Laundering

    The AMLChas increased the monitoring process on FX declarations. All the inbound and outbound cha...

    AMLC Proposing Strict Monitoring Measures for FX Trading To Tackle Money Laundering Explore More

    News

    UAE Issues $1.048 Billion Worth of Fines for Money Laundering & Terrorism Financing

    UAE’s Executive Office to Combat Money Laundering and Terrorist Financing has claimed to collect ...

    UAE Issues $1.048 Billion Worth of Fines for Money Laundering & Terrorism Financing Explore More

    News

    Two of Singapore’s Banking Giants Involved in Billion-Dollar Money Laundering Case

    The two well-known banks in Singapore, Development Bank Singapore (DBS) and Overseas Chinese Bank...

    Two of Singapore’s Banking Giants Involved in Billion-Dollar Money Laundering Case Explore More

    News

    Swedish Legislators Propose an Increase in Money Laundering Penalties for the Gambling Industry

    Legislators in Sweden will consider increasing penalties for gambling operators who violate the n...

    Swedish Legislators Propose an Increase in Money Laundering Penalties for the Gambling Industry Explore More

    News

    South Korean merchants open to accepting digital yuan

    According to the South Korean media, the local merchants could accept the upcoming digital yuan a...

    South Korean merchants open to accepting digital yuan Explore More

    News

    Scammers Stealing Kids’ Identities By Offering ‘Free Child Safety Kids”

    The Better Business Bureau (BBB) is warning parents to be aware of ‘free child safety kits’ as sc...

    Scammers Stealing Kids’ Identities By Offering ‘Free Child Safety Kids” Explore More

    News

    Economic & Financial Crime Bureau Gets Legal Powers as an Independent Authority

    The Economic & Financial Crime Bureau and Financial Intelligence Unit [Bailiwick of Guernsey]...

    Economic & Financial Crime Bureau Gets Legal Powers as an Independent Authority Explore More

    News

    PBOC Issues Risk-Based Account Opening Guidelines for SMEs

    The PBOC has issued guidance on Oct 14, 2021, for SMEs to adopt a Risk-Based Approach (RBA) when ...

    PBOC Issues Risk-Based Account Opening Guidelines for SMEs Explore More

    News

    SRA Receives Fewer AML Violation Reports from England & Wales Despite Sanctions Drive

    Anti Money Laundering (AML) violations in England & Wales reported to the Solicitors Regulati...

    SRA Receives Fewer AML Violation Reports from England & Wales Despite Sanctions Drive Explore More

    News

    eCommerce Lost £16 Million in Frauds During Lockdown

    The UK’s national reporting centre for fraud and cybercrime has revealed new figures which show £...

    eCommerce Lost £16 Million in Frauds During Lockdown 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

    Albanian Financial Supervision Authority Approves Crypto Licensing Regime

    Albanian Financial Supervision Authority has approved a licensing regime for crypto exchanges for...

    Albanian Financial Supervision Authority Approves Crypto Licensing Regime Explore More

    News

    Criminal Group in KSA Jailed 24 Years Over Money Laundering Offence

    Criminals in Saudi Arabia sentenced to 25 years imprisonment after getting caught in money launde...

    Criminal Group in KSA Jailed 24 Years Over Money Laundering Offence 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

    FIAU Imposes €60,000 Fine on Audit Firm for AML Failings

    €60,000 fine imposed on an audit company, for failing to report money laundering and suspected ta...

    FIAU Imposes €60,000 Fine on Audit Firm for AML Failings Explore More

    News

    FinCEN and Federal Reserve Board Reducing the Bar for International Transactions

    The FinCEN and Federal Reserve Board are planning to reduce the threshold for international trans...

    FinCEN and Federal Reserve Board Reducing the Bar for International Transactions Explore More

    News

    US Treasury Targets Russian Oligarchs as Part of New to Tackle Illicit Finance

    Strategy imposed by the US Treasury to combat illicit finance targets Russian Obligarch as part o...

    US Treasury Targets Russian Oligarchs as Part of New to Tackle Illicit Finance 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

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

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

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

    News

    Brazil to Adopt Tougher Penalties to Curb Money Laundering via Digital Currencies

    The fine for digital currency money laundering in Brazil is set to be raised to two-thirds of the...

    Brazil to Adopt Tougher Penalties to Curb Money Laundering via Digital Currencies Explore More

    News

    US Authorities Impose Anti-Money Laundering Crackdown on Offshore Lenders

    The US Financial Crimes Enforcement Network (FinCEN) threatened offshore lenders with Anti-Money ...

    US Authorities Impose Anti-Money Laundering Crackdown on Offshore Lenders Explore More

    News

    Cybercriminals demanded $3 million ransom from Travelex

    The hackers behind a cyber attack on a foreign exchange firm Travelex ordered to pay $3 million r...

    Cybercriminals demanded $3 million ransom from Travelex Explore More

    News

    Danish Gambling Operator Reports Tipwin to the Police for AML Failings

    Then danish gambling operator Spillemyndigheden has reported Tipwin to the police for violating t...

    Danish Gambling Operator Reports Tipwin to the Police for AML Failings Explore More

    News

    FCA Fines Santander and Metro Bank for AML Compliance Gaps

    The financial market regulator FCA has found compliance gaps in Anti Money Laundering (AML) syste...

    FCA Fines Santander and Metro Bank for AML Compliance Gaps 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

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

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

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

    News

    Italy Launches Money Laundering Investigations into Qatargate Associates

    Italian prosecutors have launched a probe related to the EU parliament Qatargate affair as a new ...

    Italy Launches Money Laundering Investigations into Qatargate Associates Explore More

    News

    Russians Approach UAE’s Crypto Firms in Search of Safe Havens

    The UAE’s crypto firms and real estate sector are being used by Russians as safe havens to liquid...

    Russians Approach UAE’s Crypto Firms in Search of Safe Havens 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

    Japan’s Self-Regulatory Crypto System Gets Warned of Delays in AML Rules

    Japan’s JVCEA has been warned by the Financial Services Agency of the delays in the introduction ...

    Japan’s Self-Regulatory Crypto System Gets Warned of Delays in AML Rules Explore More

    News

    Denmark’s Gambling Authority Issues Reminder for AML Duties

    All licensed businesses are reminded to report suspicious transactions that may be indicative of ...

    Denmark’s Gambling Authority Issues Reminder for AML Duties Explore More

    News

    EU Confirms its Firm Stance on All Digital Currencies

    The EU has confirmed its firm stance on all the digital currencies until the associated risks hav...

    EU Confirms its Firm Stance on All Digital Currencies 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

    A Trust Company Penalised for Opening a Doorway to Money Laundering

    A team of accountants and economists have been fined by a court in Channel Island for neglecting ...

    A Trust Company Penalised for Opening a Doorway to Money Laundering Explore More

    News

    Monetary Authority of Singapore (MAS) Fines Four Financial Institutions for Breaching AML Laws

    A fine of S$3.8 million (Singapore dollar) was handed down by the Monetary Authority of Singapore...

    Monetary Authority of Singapore (MAS) Fines Four Financial Institutions for Breaching AML Laws 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

    Star Entertainment Group Experiences $1.26B Loss after Money Laundering Investigation

    Star Entertainment Group experienced a major loss of $1.26 billion during the first half of 2023,...

    Star Entertainment Group Experiences $1.26B Loss after Money Laundering Investigation 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

    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

    DFSA and Financial Intelligence Collaborate to Combat Financial Crime in UAE

    Memorandum of Understanding (MoU) between the Dubai Financial Services Authority (DFSA) and the F...

    DFSA and Financial Intelligence Collaborate to Combat Financial Crime in UAE Explore More

    News

    EU Freezes $130 Million Worth of Assets Linked to Money Laundering in Lebanon

    France, Germany, and Luxembourg have seized the properties and frozen assets worth $130 million l...

    EU Freezes $130 Million Worth of Assets Linked to Money Laundering in Lebanon Explore More

    News

    Shufti Crosses One More Milestone With Its New Ukraine Office

    May 2021 – As part of our plan for global expansion, Shufti is thrilled to announce the...

    Shufti Crosses One More Milestone With Its New Ukraine Office Explore More

    News

    Video KYC: The New Normal in the Insurance Industry

    Since everything is moving to digital platforms, the Insurance Regulatory and Development Authori...

    Video KYC: The New Normal in the Insurance Industry Explore More

    News

    Identity Thieves on the Hunt for Universal Credit Payments

    The UK’s Department for Work and Pension (DWP) has been warning people for not repaying for the b...

    Identity Thieves on the Hunt for Universal Credit Payments Explore More

    News

    UK Government to Crackdown Corruption Under New AML laws

    Overseas firms owning land in the UK need to publicly declare the owners, under the new UK laws t...

    UK Government to Crackdown Corruption Under New AML laws Explore More

    News

    Ledger Owners Scammed worth 1.1 Million XRP

    Earlier this year Legsdger customers faced a leak of email and personal information. Now they are...

    Ledger Owners Scammed worth 1.1 Million XRP 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

    China Warns of Money Laundering Risks Arising from NFTs

    China has warned of the financial risks associated with non-fungible tokens (NFTs) as three indus...

    China Warns of Money Laundering Risks Arising from NFTs Explore More

    News

    China Raises Penalty, Broadens Scope of AML Laws

    The People’s Bank of China (PBOC) has published a revised draft for the country’s AML law which e...

    China Raises Penalty, Broadens Scope of AML Laws Explore More

    News

    UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs

    The UK’s Financial Conduct Authority has ordered crypto firms operating illegally in the country ...

    UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs Explore More

    News

    China Strides Forwards with New KYC Rules to Rein Money laundering

    China is stepping up to fight its long-running battle against financial crimes such as money laun...

    China Strides Forwards with New KYC Rules to Rein Money laundering Explore More

    News

    FIAU Imposes €60,000 Fine on Audit Firm for AML Failings

    €60,000 fine imposed on an audit company, for failing to report money laundering and suspected ta...

    FIAU Imposes €60,000 Fine on Audit Firm for AML Failings Explore More

    News

    5 Billion Unique Credentials Circulating on Darknet

    According to the report released by security firm Digital Shadows, a total of 15 billion user cre...

    5 Billion Unique Credentials Circulating on Darknet Explore More

    News

    Singapore Seizes $2 Billion Worth of Assets in Money Laundering Investigation

    Singaporean regulatory authorities officials accused lax immigration policies of large inflows of...

    Singapore Seizes $2 Billion Worth of Assets in Money Laundering Investigation Explore More

    News

    France Ranked Among Countries with Effective Measures to Tackle Financial Fraud

    The latest FATF report ranks France among countries that have effective measures in combating fin...

    France Ranked Among Countries with Effective Measures to Tackle Financial Fraud Explore More

    News

    Japan FSA, Central Bank to Assess FI’s AML, Anti-fraud Measures

    Reports have revealed that Japan’s FSA and BOJ are seeking to better understand whether the curre...

    Japan FSA, Central Bank to Assess FI’s AML, Anti-fraud Measures Explore More

    News

    UAE Levies Charges Over DH115 Million to Combat Money Laundering

    A total of Dh115 million ($31.3 million) has been fined by the UAE in its efforts to impede money...

    UAE Levies Charges Over DH115 Million to Combat Money Laundering Explore More

    News

    FATF Issues New BO Requirements to Address Pandora Papers

    While addressing the Pandora Papers, the Paris-based global financial watchdog, FATF, has issued ...

    FATF Issues New BO Requirements to Address Pandora Papers Explore More

    News

    Russian Government Bans New Crypto Website for ‘Promoting Money Laundering’

    The Russian government has banned the new website Bits.media for allegations of promoting illicit...

    Russian Government Bans New Crypto Website for ‘Promoting Money Laundering’ Explore More

    News

    Travel to Restart as Several Countries Roll out Their Version of Vaccine Passports

    Japan is planning on introducing a vaccine passport to make travelling easy for people. Internati...

    Travel to Restart as Several Countries Roll out Their Version of Vaccine Passports Explore More

    News

    Paraguay- Brazilian Bank Fined Heavily for Anti-money Laundering Non-compliance.

    A major Brazilian Bank in Paraguayan has been sanctioned by the Paraguayan government. Latin Amer...

    Paraguay- Brazilian Bank Fined Heavily for Anti-money Laundering Non-compliance. Explore More

    News

    US Sanctions Russian Crypto Firm Over Ransomware Payments

    Suex, a Russian crypto OTC broker, was involved in facilitating ransomware payments and has been ...

    US Sanctions Russian Crypto Firm Over Ransomware Payments 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

    AML/KYC Non-compliance Penalties Drop by 40% in the Second Half of 2021

    KYC/AML non-compliance penalties have dropped by 40% in the second half of 2021. However, this do...

    AML/KYC Non-compliance Penalties Drop by 40% in the Second Half of 2021 Explore More

    News

    FINRA Issues its Examination and Risk Monitoring Program Report 2023

    FINRA published its 2023 report on its Examination and Risk Monitoring Program, covering all the ...

    FINRA Issues its Examination and Risk Monitoring Program Report 2023 Explore More

    News

    Interpol Operation Intercepts Financial Cybercrime Worth $83 Million

    Due to an exponential rise in online financial crimes in the Asia Pacific region, an INTERPOL-coo...

    Interpol Operation Intercepts Financial Cybercrime Worth $83 Million Explore More

    News

    Aussies Bombarded With Scams in 2022 – ACCC Report

    The Australian Competition and Consumer Commission (ACCC) reported Aussies as the top target of s...

    Aussies Bombarded With Scams in 2022 – ACCC Report Explore More

    News

    FINTRAC Warns of Online Gambling Platforms Being Utilized for Money Laundering

    Canada’s financial intelligence unit warns that illicit cash is being laundered through online ga...

    FINTRAC Warns of Online Gambling Platforms Being Utilized for Money Laundering Explore More

    News

    Australia Risks Damage To Economy Unless Money Laundering Laws are Improved

    A Senate committee says that Australia is at risk of damaging its economy if money laundering law...

    Australia Risks Damage To Economy Unless Money Laundering Laws are Improved Explore More

    News

    UK Amends Corporate Act to Combat Economic Crimes

    The UK government reformed the Economic Crime and Corporate Transparency Act to expand regulation...

    UK Amends Corporate Act to Combat Economic Crimes Explore More

    News

    Bahrain sentences three money-laundering suspects to prison

    Bahrain fined three suspects of $9 million and sentenced them to prison in the Future Bank case. ...

    Bahrain sentences three money-laundering suspects to prison Explore More

    News

    Blockchain Association States Senator Warren’s Crypto AML Bill is a Threat to the US

    The Blockchain Association has raised concerns about the recently proposed Digital Asset Anti-Mon...

    Blockchain Association States Senator Warren’s Crypto AML Bill is a Threat to the US 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