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

    Taiwan Bans Four Foreign Banks for Breaching FX Regulations

    taiwan

    The Central Bank of Taiwan has penalized four foreign banks for assisting 8 major grain companies in breaching the FX Regulations. The Dutch bank, Deutsche Bank, is also permanently banned. They can no longer trade TWD deliverables and non-deliverables. However, the other banks like ING, ANZ, and Citi have been given less strict punishments. 

    Deutsche Bank’s branch in Taipei has been suspended to trade FX derivatives for two years along with the permanent ban of the trading of TWD. ING and ANZ banks’ offices in Taipei are also banned for trading deliverable and non-deliverable TWD but only for nine months. However, the Citi group’s branch in Taipei is also suspended from deliverable and non-deliverable trading for two months.

    This is done when the local currency reached its highest against the US dollars in more than three years and the Central Bank carried out an investigation on the speculation in the FX markets. 

    The Central Bank has been concerned about the 8-grain companies that have been involved in the currency speculation through deliverable forward assisted by the foreign banks.

    “The FX activities of the grain merchants were carried out under the guise of routine currency transactions, which were not in sync with their actual business needs. The lenders that were penalised failed to fulfil KYC obligations to certify clients’ actual needs.” Said the Central Bank.

    Other than these four lenders being penalized, JPMorgan Chase and the Standard Chartered Bank was also included in the probe. They were not penalized because they had stopped the practice long before. 

    The Central Bank had already warned the banks that they can be penalized. The bank also announced that it is improving its rules that give local companies permission for FX transactions, regulate the amount of currency the overseas companies can accrue, and limit remittances from foreign loans taken by different companies. 

    Related Posts

    News

    Westpac Freezes Executive’s Bonuses Amid Money Laundering Scandal

    Westpac’s board will withhold bonuses of all of its senior executives as an ‘interim’ step follow...

    Westpac Freezes Executive’s Bonuses Amid Money Laundering Scandal Explore More

    News

    Saskatchewan Government Invests $1.66m to Support Fight Against Money Laundering

    The Government of Saskatchewan is spending $1.66 million on the Civil Forfeiture Program to back ...

    Saskatchewan Government Invests $1.66m to Support Fight Against Money Laundering Explore More

    News

    US Justice Department Helps Brazilian Government to Seize $24 Million in Crypto Fraud

    An official request from the Brazilian government was made to the US government for helping to se...

    US Justice Department Helps Brazilian Government to Seize $24 Million in Crypto Fraud Explore More

    News

    AMLC Continues to Address AML Deficiencies as per FATF Guidelines

    The AMLC has reported continued efforts to address the deficiencies specified by the FATF to tack...

    AMLC Continues to Address AML Deficiencies as per FATF Guidelines Explore More

    News

    South Korea Extends AML Compliance Deadline for Crypto Sector

    The deadline has been extended to ensure regulators are able to process all the applications subm...

    South Korea Extends AML Compliance Deadline for Crypto Sector 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

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

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

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

    News

    Customers warned of scams by the UK banking lobby amid COVID-19

    Banking customers should be aware of fraudsters who are exploiting the COVID-19 epidemic to carry...

    Customers warned of scams by the UK banking lobby amid COVID-19 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

    Govt assists Struggling Swiss Crypto Valley

    Switzerland’s “Crypto Valley” is in talks with the federal government for fixing a 100 million Sw...

    Govt assists Struggling Swiss Crypto Valley Explore More

    News

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

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

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

    News

    South Africa’s Addition to FATF Gray List Causes Unforeseen Repercussions on Tax Law Implementation

    Tax Consulting SA’s report has revealed that greylisting has caused disquietude surrounding...

    South Africa’s Addition to FATF Gray List Causes Unforeseen Repercussions on Tax Law Implementation Explore More

    News

    Westpac Proven Guilty of Breaching Money Laundering Laws after Commonwealth Bank

    Westpac was accused of violating the money laundering laws and counter-terrorism financial allega...

    Westpac Proven Guilty of Breaching Money Laundering Laws after Commonwealth Bank Explore More

    News

    FATF Urges Japan to Implement Stronger AML Measures

    The FATF mutual evaluation report on Japan proposes the formation of a joint-agency body to enhan...

    FATF Urges Japan to Implement Stronger AML Measures 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

    Silly Season Scams to Rise as AFP Forewarns Fake Delivery Texts

    The Australian Federal Police (AFP) has warned of fake delivery texts. Scammers use legitimate-lo...

    Silly Season Scams to Rise as AFP Forewarns Fake Delivery Texts Explore More

    News

    Ransomware attacks three US universities

    A ransomware group has successfully stricken three universities within the week. They claim that ...

    Ransomware attacks three US universities Explore More

    News

    US Law to Ban Shell Companies Runs into Delays

    A new US law to prevent businesses from tax evasion using shell companies has been delayed at the...

    US Law to Ban Shell Companies Runs into Delays Explore More

    News

    Money Laundering to Remain a Significant Challenge with Spike in Online Crime

    Senior officers of Garda have indicated the rapidly rising problem of money laundering as the big...

    Money Laundering to Remain a Significant Challenge with Spike in Online Crime Explore More

    News

    U.K Accelerates New Plans to Crack Down on Foreign Money Laundering Activities

    The U.K plans to crack down on money laundering activities, legislate new laws to register foreig...

    U.K Accelerates New Plans to Crack Down on Foreign Money Laundering Activities Explore More

    News

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

    Switzerland’s luxury sector is in a tough spot after Western countries have imposed sanctions aga...

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

    News

    Nepal’s Foreign Employment Sector Witnesses a Surge in Fraudulent Cases

    The number of individuals seeking international employment from Nepal has increased, and so do th...

    Nepal’s Foreign Employment Sector Witnesses a Surge in Fraudulent Cases Explore More

    News

    Manitoba Expands Criminal Property Forfeiture Branch to Counter Money Laundering

    The Manitoba government is expanding the Criminal Property Forfeiture (CPF) branch as part of its...

    Manitoba Expands Criminal Property Forfeiture Branch to Counter Money Laundering Explore More

    News

    FinCEN to Expand GTOs on All-cash Real Estate Purchases to Stop Money Laundering

    The Financial Crimes Enforcement Network (FinCEN) has announced the expansion of its GTOs. The ne...

    FinCEN to Expand GTOs on All-cash Real Estate Purchases to Stop Money Laundering Explore More

    News

    Liechtenstein’s Legal Authorities Backed by Moneyval on Improved AML/CFT Measures

    Moneyval has published a report backing Liechtenstein’s authorities on the measures it took again...

    Liechtenstein’s Legal Authorities Backed by Moneyval on Improved AML/CFT Measures Explore More

    News

    Japan Launches a Three-Step Plan for Introducing Digital Yen

    After the announcement of the Bank of Japan to introduce digital Yen by 2021, the statement by Ko...

    Japan Launches a Three-Step Plan for Introducing Digital Yen Explore More

    News

    FATF Highlights the Gaps in New Zealand’s AML Measures

    Financial Action Task Force (FATF) has issued a report on New Zealand’s measures to combat money ...

    FATF Highlights the Gaps in New Zealand’s AML Measures Explore More

    News

    South Africa Anticipates Removal from FATF Gray List in 2025

    The South African government is anticipating that they will address all the FATF international st...

    South Africa Anticipates Removal from FATF Gray List in 2025 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

    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

    New fake ad alert system launched to fight online scams

    According to ITV, the UK Scam Ad Alert tool – developed by the Advertising Standards Authority (A...

    New fake ad alert system launched to fight online scams 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

    Interpol Warns of the Rise in Romance Scams as Valentine’s Day Approaches

    According to the Interpol, there is a new investment scam on the rise that is targeting the datin...

    Interpol Warns of the Rise in Romance Scams as Valentine’s Day Approaches Explore More

    News

    Central Bank of China Issues Warning of DC/EP Fraud

    China’s Central bank, the People’s Bank of China along with two other regulatory authorities has ...

    Central Bank of China Issues Warning of DC/EP Fraud Explore More

    News

    US Senators Urge CISA to Incorporate Rules for Ransomware Reporting

    US senators have urged the CISA to enforce new ransomware reporting rules amid a sharp increase i...

    US Senators Urge CISA to Incorporate Rules for Ransomware Reporting Explore More

    News

    Georgia’s Voting Infrastructure Becomes the First Ransomware Target in 2020 Elections

    The US voting system was under a ransomware attack earlier in October. The rumours are true and G...

    Georgia’s Voting Infrastructure Becomes the First Ransomware Target in 2020 Elections Explore More

    News

    US Takes Steps to Regulate Digital Currency Amid Russian Sanction

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

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

    News

    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

    US Set to Disclose New Real Estate Regulations to Combat Money Laundering

    The US Treasury Department is ready to introduce rigid regulations to close security loopholes in...

    US Set to Disclose New Real Estate Regulations to Combat Money Laundering Explore More

    News

    EU Parliament Committee Backs MiCA Deal to Effectively Manage Crypto

    The MiCA deal has been approved by the economic committee of the EU Parliament. The committee has...

    EU Parliament Committee Backs MiCA Deal to Effectively Manage Crypto 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

    UAE Endorses Legal Framework for Unlicensed Virtual Asset Platforms

    The United Arab Emirates (UAE) issued new strict anti-money laundering regulations for unlicensed...

    UAE Endorses Legal Framework for Unlicensed Virtual Asset Platforms 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

    North Korean Hackers Attempt to Launder ETH Worth $27M from Harmony Bridge Attack

    North Korean hackers behind the Harmony Bridge attack continue to attempt to launder crypto funds...

    North Korean Hackers Attempt to Launder ETH Worth $27M from Harmony Bridge Attack Explore More

    News

    EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments

    European Union’s financial regulatory agency, the European Securities and Markets Authority (ESMA...

    EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments Explore More

    News

    Cryptocurrency brought under AML rules in Singapore

    Coinpip, the Singaporean cryptocurrency provider, has closed down its operations, in spite of dec...

    Cryptocurrency brought under AML rules in Singapore Explore More

    News

    Cambodia Exits FATF Anti-Money Laundering Gray list, Philippines Remain

    The global watchdog has removed Cambodia from its list of jurisdictions under increased monitorin...

    Cambodia Exits FATF Anti-Money Laundering Gray list, Philippines Remain Explore More

    News

    Belgian Banks to Establish a Platform to Reveal Anti-Money Laundering data

    Belgium’s one of the leading bank chain has now suggested developing a platform that will allow p...

    Belgian Banks to Establish a Platform to Reveal Anti-Money Laundering data Explore More

    News

    US Department Of Justice Announces Enforcement Actions to Regulate Cryptocurrency

    The US Department of Justice (DOJ) announced several enforcement actions against cryptocurrency a...

    US Department Of Justice Announces Enforcement Actions to Regulate Cryptocurrency Explore More

    News

    Job Seekers Face Concerns of Identity Theft Through Fake Employment Scams

    Fake employment advertisements defrauded many job seekers with theft of money and personal detail...

    Job Seekers Face Concerns of Identity Theft Through Fake Employment Scams Explore More

    News

    Shufti introduces react native app for customer convenience

    Recently, Shufti launched its react native app for enhanced customer convenience. Shufti ...

    Shufti introduces react native app for customer convenience Explore More

    News

    Singapore Police Warn Citizens of Prevailing SMS Phishing Scams

    The Singapore Police Force has warned citizens about SMS fraud targeting people with similar send...

    Singapore Police Warn Citizens of Prevailing SMS Phishing Scams Explore More

    News

    FCA Fines ADM Investors for Violating Anti-Money Laundering Regulations

    The UK regulatory department Financial Conduct Authority (FCA) fined $7.9 million to the commodit...

    FCA Fines ADM Investors for Violating Anti-Money Laundering Regulations Explore More

    News

    The UAE Hosts the Egmont Plenary to Promote Global Anti-Money Laundering Efforts

    The UAE Financial Intelligence Unit is hosting this year’s Egmont Plenary event, which is e...

    The UAE Hosts the Egmont Plenary to Promote Global Anti-Money Laundering Efforts Explore More

    News

    SriLankan Government to Enforce Money Laundering Law to Restrict Illicit Flow of Money

    The current scenario of the Sri Lankan currency’s downfall has become a reason for money la...

    SriLankan Government to Enforce Money Laundering Law to Restrict Illicit Flow of Money Explore More

    News

    Philippine Plans to Introduce New Regulations on Beneficial Ownership

    The Securities and Exchange Commission in Philippine has laid out new regulations that require tr...

    Philippine Plans to Introduce New Regulations on Beneficial Ownership Explore More

    News

    Reports Reveal NAB Contract Workers Received Little to No AML Training

    The disclosure follows AUSTRAC’s recent launch of a formal investigation into NAB earlier this mo...

    Reports Reveal NAB Contract Workers Received Little to No AML Training Explore More

    News

    The Age Verification Software Market to Experience Tremendous Growth by 2025

    The increasing number of scams in today’s virtual world needs a better verification system. Prote...

    The Age Verification Software Market to Experience Tremendous Growth by 2025 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

    Vietnam Enhances Anti-Money Laundering Laws to Prevent Financial Crimes

    Vietnam regulatory departments are redefining their AML compliance measures to supervise cryptocu...

    Vietnam Enhances Anti-Money Laundering Laws to Prevent Financial Crimes 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

    Central Bank of Bahamas Calls for Stringent Due Diligence in the Wake of FTX Collapse

    The Bahamas’ Central Bank has called for stricter due diligence while moving funds in the w...

    Central Bank of Bahamas Calls for Stringent Due Diligence in the Wake of FTX Collapse Explore More

    News

    UKGC imposed EUR 3.8 Million Fine on Genesis Global for Social Responsibility and Money Laundering Violations

    After the two-year investigation, the United Kingdom Gambling Commission (UKGC) imposed EUR 3.8 m...

    UKGC imposed EUR 3.8 Million Fine on Genesis Global for Social Responsibility and Money Laundering Violations Explore More

    News

    FATF meeting scheduled to discuss VASPs compliance

    The Financial Action Task Force (FATF) has scheduled a plenary meeting on June 24 to monitor the ...

    FATF meeting scheduled to discuss VASPs compliance Explore More

    News

    The third man involved in ID theft scheme and money laundering is sentenced to jail

    Minnesota man among the three criminals involved ID theft scheme and money laundering has finally...

    The third man involved in ID theft scheme and money laundering is sentenced to jail Explore More

    News

    US Infrastructure Bill Eyes on Introducing Stringent Crypto Provisions

    The infrastructure bill proposed in the US Congress aims at revamping how crypto exchanges perfor...

    US Infrastructure Bill Eyes on Introducing Stringent Crypto Provisions Explore More

    News

    FATF issued guidance on risk-based AML/CFT policies

    The Financial Action Task Force has issued finalised supervision on adopting a risk-based strateg...

    FATF issued guidance on risk-based AML/CFT policies Explore More

    News

    UK MPs Call for Improved Crypto Regulations to Prevent Losses

    Ministers of the UK Parliament are calling for more rigid cryptocurrency regulations from the ASA...

    UK MPs Call for Improved Crypto Regulations to Prevent Losses Explore More

    News

    UK Convicts 11 Couriers for Conspiring to Launder $124 Million in Cash to Dubai

    An investigation conducted by the UK’s National Crime Agency led to the conviction of 11 co...

    UK Convicts 11 Couriers for Conspiring to Launder $124 Million in Cash to Dubai Explore More

    News

    UKGC Revoked IMME’s Licence for AML Non-compliance

    Licence of IMME was revoked by the UK Gambling Commission for not complying with the Anti-Money L...

    UKGC Revoked IMME’s Licence for AML Non-compliance Explore More

    News

    US Set to Disclose New Real Estate Regulations to Combat Money Laundering

    The US Treasury Department is ready to introduce rigid regulations to close security loopholes in...

    US Set to Disclose New Real Estate Regulations to Combat Money Laundering Explore More

    News

    Action Fraud Fund Report Exposes Billion-dollar Cryptocurrency Scams

    The Action Fraud Fund report exposes the extent of cryptocurrency fraud and Ponzi schemes circula...

    Action Fraud Fund Report Exposes Billion-dollar Cryptocurrency Scams 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