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

    The Commodity Futures Trading Commission to Regulate the Crypto Market with “Full Oversight Capabilities”

    n-img-commodity

    The chairman of the CFTC discussed that his agency would regulate the crypto market.  Digital Commodities Consumer Protection Act’s review was the reason behind the legislative hearing. 

    CFTC, The Commodity Futures Trading Commission shared its plan for regulating the crypto market with “full oversight capabilities” if the suggested Digital Commodities Consumer Protection Act becomes law. 

    Rostin Behnam, The chairman of the Commodity Futures Trading Commission (CFTC), discussed how in a legislative hearing, his agency would regulate the crypto market in a legislative hearing. 

    The reason behind the hearing was Digital Commodities Consumer Protection Act’s review. This act seeks to authorise CFTC “with exclusive jurisdiction over the digital commodities spot market.” Behnam told lawmakers, Many digital assets constitute commodities … The CFTC’s expertise and experience make it the right regulator for the digital asset commodity market.”

    As per Behnam’s stance, his agency “facilitates customer protections through its principles-based market oversight and disclosure regime aimed at ensuring transparency, integrity, and security of transactions.”

    Behnam discussed that since 2014, CFTC has brought almost 60 enforcement digital asset-related cases. These cases include a recent incident that involved a $1.7 billion fraudulent bitcoin scheme.

    According to the chairman of CFTC, “With a lack of full visibility into the digital commodity asset market, the agency’s enforcement program has had to lean primarily on tips and complaints from the public to identify fraud and manipulation,”

    The chairman added, While we are engaged in a comprehensive effort across the agency to police these markets and their participants with the tools currently available to us, the DCCPA will allow us to apply our full oversight capabilities without restriction.”

    Chairman Behnam concluded the discussion by saying, “with the additional resources contemplated by the funding mechanism in the DCCPA and the clear mandates for customer education, outreach, and information gathering to ensure that our efforts reach all demographics of the investing community, … the CFTC can move swiftly in effectuating this new regime.”

    Suggested Read: Switzerland Ill-Equipped in Fight Against White Collar Crimes: SFAO Report

    Related Posts

    News

    GIABA Points Out Gaps in Nigeria’s AML/CFT Framework

    The GIABA report revealed loopholes in the Nigerian AML/CFT framework and called Nigerian law enf...

    GIABA Points Out  Gaps in Nigeria’s AML/CFT Framework Explore More

    News

    Canada Broadens Scope of Anti-Money Laundering and Terrorist Financing Rules

    After Prime Minister Justin Trudeau invoked the Emergencies Act on Monday, 14th February, the Dep...

    Canada Broadens Scope of Anti-Money Laundering and Terrorist Financing Rules 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

    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

    One in Three Western Australians Experience Financial Frauds – Bankwest

    Based on reports, every one in three residents of Western Australia has experienced financial abu...

    One in Three Western Australians Experience Financial Frauds – Bankwest Explore More

    News

    Austrac Warns of Money Laundering Risks Unless More Prosecutions are Conducted

    Austrac has warned the law enforcement agencies in Australia that they must conduct more money la...

    Austrac Warns of Money Laundering Risks Unless More Prosecutions are Conducted 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

    Deepfakes on TikTok raise new security concerns

    Deepfakes have started showing up on the popular video app TikTok, owned by ByteDance, a Chinese ...

    Deepfakes on TikTok raise new security concerns Explore More

    News

    Canadian Anti-Money Laundering Agency Fines RBC $7.4M

    Canada’s anti-money laundering regulatory body imposed a C$7.4 million penalty on the Royal Bank ...

    Canadian Anti-Money Laundering Agency Fines RBC $7.4M Explore More

    News

    Cambodia’s Presence on The Global Watchdog’s Hit List is a Threat to Country’s Reputation- States Deputy PM

    Due to the enhanced ratio of financial crimes and human trafficking in Cambodia, the deputy prime...

    Cambodia’s Presence on The Global Watchdog’s Hit List is a Threat to Country’s Reputation- States Deputy PM Explore More

    News

    Facebook’s Libra is a Failure in its Current Form says Swiss President

    According to the Swiss President, the controversial project by Facebook has ‘failed’ in its curre...

    Facebook’s Libra is a Failure in its Current Form says Swiss President Explore More

    News

    U.S. Treasury Identifies Emerging Money Laundering Risks and Vulnerabilities

    The US Department of the Treasury recently issued its National Risk Assessment for Money Launderi...

    U.S. Treasury Identifies Emerging Money Laundering Risks and Vulnerabilities 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

    AUSTRAC: Loan Fraud is the Main AML/CFT threat to Non-banks

    AUSTRAC report states loan scams and identity fraud as the main threat to AML/CFT compliance when...

    AUSTRAC: Loan Fraud is the Main AML/CFT threat to Non-banks Explore More

    News

    BaFin Imposes $10M Fine on Deutsche Bank for Euribor Control Failing

    Deutsche Bank faces challenges as BaFin imposes a 10-million dollar fine for Euribor control fail...

    BaFin Imposes $10M Fine on Deutsche Bank for Euribor Control Failing Explore More

    News

    Clubs to Adopt Digital Wallets as NSW Reveals Money Laundering Via Machines

    The clubs in Australia are to adopt the digital wallet for poker machines as the regulators disco...

    Clubs to Adopt Digital Wallets as NSW Reveals Money Laundering Via Machines Explore More

    News

    HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations

    HM Revenue & Customs has fined property firms more than £1 million for not complying with ant...

    HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations Explore More

    News

    Few Hours Left! Was Mail-in-Ballots Successful?

    The US elections 2020 have been exhilarating yet stressful for all the residents. The coronavirus...

    Few Hours Left! Was Mail-in-Ballots Successful? Explore More

    News

    Bank of Ghana to Introduce Digital Currency in ‘Near Future’

    The Governor of the West African nation’s central bank, Ernest Addison, announced the news of Gha...

    Bank of Ghana to Introduce Digital Currency in ‘Near Future’ Explore More

    News

    MASAK to Investigate Short Video Hosting Platform, TikTok Over Money Laundering Allegations

    MASAK is investigating the scammers involved in money laundering on TikTok. Over the serious alle...

    MASAK to Investigate Short Video Hosting Platform, TikTok Over Money Laundering Allegations Explore More

    News

    FINRA Issues Notice to Remind Firms of Nation-wide AML/CFT Priorities

    FINRA has issued a notice reminding all member firms to comply with AML/CFT priorities as mandate...

    FINRA Issues Notice to Remind Firms of Nation-wide AML/CFT Priorities Explore More

    News

    Visa, Mastercard Face FTC Inquiry Over Debit Card Transactions

    Visa Inc. and Mastercard Inc. are once again facing inquiries by the Federal Trade Commission ove...

    Visa, Mastercard Face FTC Inquiry Over Debit Card Transactions Explore More

    News

    Uganda at Risk of Getting Blacklisted by FATF Unless it Addresses 16 Issues

    Uganda is facing the risk of being added to a global blacklist for money laundering and terrorism...

    Uganda at Risk of Getting Blacklisted by FATF Unless it Addresses 16 Issues Explore More

    News

    Turkey to Face FATF’s Gray List Over Inadequate AML Practices

    FATF is set to grey list Turkey over AML shortcomings, a move that is likely to affect the countr...

    Turkey to Face FATF’s Gray List Over Inadequate AML Practices Explore More

    News

    UAE Freezes Assets of Irish Crime Syndicate for Laundering Money Through Dubai

    The UAE has frozen the assets of Ireland’s Kinahan Crime Syndicate, mounting the pressure on an o...

    UAE Freezes Assets of Irish Crime Syndicate for Laundering Money Through Dubai 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

    Few Hours Left! Was Mail-in-Ballots Successful?

    The US elections 2020 have been exhilarating yet stressful for all the residents. The coronavirus...

    Few Hours Left! Was Mail-in-Ballots Successful? Explore More

    News

    Wells Fargo Hit With $37M Fine Over Forex Fraud

    Improper financial handling, defrauding others, and taking advantage of customers has become a no...

    Wells Fargo Hit With $37M Fine Over Forex Fraud Explore More

    News

    US Attorney’s Office Charges New York’s Oldest Mafia Clans for Money Laundering Scheme

    The US Attorney’s office has accused the two of New York’s oldest mafia clans for laundering mone...

    US Attorney’s Office Charges New York’s Oldest Mafia Clans for Money Laundering Scheme Explore More

    News

    Bank of Israel (BoI) Pushes Banks to Accept Crypto Profits

    The Central Bank of Israel pushes local banks to un-restrict the cryptocurrency transaction gener...

    Bank of Israel (BoI)  Pushes Banks to Accept Crypto Profits Explore More

    News

    CBN Fines GTBank N128M for Failing to Meet AML and CTF Requirements

    The Central Bank of Nigeria (CBN) has charged Guaranty Trust Bank (GTBank) with N128 million for ...

    CBN Fines GTBank N128M for Failing to Meet AML and CTF Requirements Explore More

    News

    Money Laundering and Drug Trafficking Account for Illicit Flow of US$ 1 Billion into Jamaica Annually

    Reports have highlighted that money laundering, drug trafficking, and cybercrimes account for the...

    Money Laundering and Drug Trafficking Account for Illicit Flow of US$ 1 Billion into Jamaica Annually Explore More

    News

    The UK Introduces Beneficial Ownership Register for Overseas Entities

    The implementation of the UK government’s Economic Crime (Transparency and Enforcement) Bill has ...

    The UK Introduces Beneficial Ownership Register for Overseas Entities 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

    Delta county bank president guilty of bank fraud

    SHERMAN Texas – According to U.S. Attorney Stephen J. Cox, A 57-year-old former bank presid...

    Delta county bank president guilty of bank fraud Explore More

    News

    UK and UAE Take Steps in Joint Efforts to Combat Money Laundering

    In the UAE-UK Partnership to Tackle Illicit Financial Flows, the two countries are in talks about...

    UK and UAE Take Steps in Joint Efforts to Combat Money Laundering 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

    News

    Central Bank of UAE Penalized Exchange House Dhs504,000 for AML/CFT Breach

    UAE’s exchange house has weak measures to fight money laundering and terrorism financing and requ...

    Central Bank of UAE Penalized Exchange House Dhs504,000 for AML/CFT Breach Explore More

    News

    Japan Calls for Disclosure of Major Company Shareholders

    Japan’s Ministry of Justice will require firms to submit details of their major shareholders, als...

    Japan Calls for Disclosure of Major Company Shareholders Explore More

    News

    FinCEN and OCC Fine Texas Bank $9 Million for BSA-AML Violations

    A Texas community bank was fined by the Financial Crimes Enforcement Network (FinCEN) and the Off...

    FinCEN and OCC Fine Texas Bank $9 Million for BSA-AML Violations Explore More

    News

    UAE Central Bank Imposes Financial Sanctions on Six Banks for CDD Failures

    Six banks in the UAE have been issued financial sanctions by the UAE Central Bank for not complyi...

    UAE Central Bank Imposes Financial Sanctions on Six Banks for CDD Failures 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

    Philippines to Exit FATF Gray List Next Year, Says Governor BSP

    Felipe M. Medalla, the governor of BSP, says that the Philippines have one year to exit the FATF ...

    Philippines to Exit FATF Gray List Next Year, Says Governor BSP Explore More

    News

    Two foreign nationals charged with Cryptocurrency laundering

    The United States Department of Justice has charged two Chinese nationals with laundering $100 mi...

    Two foreign nationals charged with Cryptocurrency laundering Explore More

    News

    Deutsche Bank AG Settles Money Laundering Probe Worth $7.1 Million

    Deutsche Bank AG settled a money laundering case of $7.1 million over the probe by Frankfurt pros...

    Deutsche Bank AG Settles Money Laundering Probe Worth $7.1 Million Explore More

    News

    Council of Europe Shows Support to Serbian Authorities For Combating Money Laundering

    The Council of Europe stays dedicated to showing support to authorities for fighting money-launde...

    Council of Europe Shows Support to Serbian Authorities For Combating Money Laundering 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

    UK’s National Audit Claims FCA Takes Slow Crypto Enforcement Actions

    The UK’s National Audit stated that the Financial Conduct Authority (FCA) has all the rights to c...

    UK’s National Audit Claims FCA Takes Slow Crypto Enforcement Actions Explore More

    News

    Coronavirus: UK economy recovering gradually, says Bank of England

    Bank of England (BOE) governor, Andrew Bailey, stated that there are signs of the UK economy grad...

    Coronavirus: UK economy recovering gradually, says Bank of England Explore More

    News

    Amazon Sued Over Illegal Storage of Employee Biometric Data

    Lawyers from the firm of McGuire Law P.C. of Chicago filed a class action complaint on November 1...

    Amazon Sued Over Illegal Storage of Employee Biometric Data Explore More

    News

    Visa and BlockFi Team Up to Launch Bitcoin Rewards for Credit Card Users

    As digital currencies are entering different regions of the world, financial giants are introduci...

    Visa and BlockFi Team Up to Launch Bitcoin Rewards for Credit Card Users Explore More

    News

    WhatsApp Introduces Fingerprint Authentication For Android

    WhatsApp has recently announced that its app can be locked with a fingerprint, now available on A...

    WhatsApp Introduces Fingerprint Authentication For Android Explore More

    News

    EU Takes First Step to Set Up Anti-Money Laundering Supervisor

    The European Union should contemplate creating an independent agency to supervise anti-money laun...

    EU Takes First Step to Set Up Anti-Money Laundering Supervisor Explore More

    News

    Central banks urged to introduce digital alternatives to cash

    According to a recent report from Positive Money, Central banks across the globe should issue a d...

    Central banks urged to introduce digital alternatives to cash Explore More

    News

    UK Fines Dixons Carphone for Massive Breach

    Dixons Carphone is one of the largest electronics and phone retailers in the UK. Recently British...

    UK Fines Dixons Carphone for Massive Breach 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

    BaFin Demands Deutsche Bank to Tighten its AML Controls

    The financial regulatory authority in Germany, BaFin (Federal Financial Supervisory Authority) ha...

    BaFin Demands Deutsche Bank to Tighten its AML Controls Explore More

    News

    Clearview AI will be facing the legal claims after critical NYT report

    Clearview AI is an artificial intelligence firm providing facial recognition technology to US law...

    Clearview AI will be facing the legal claims after critical NYT report Explore More

    News

    Dark Web Becomes a Haven for Insurance Fraud

    Dark Web has recently become a growing market for unemployment insurance fraud and fraudsters can...

    Dark Web Becomes a Haven for Insurance Fraud Explore More

    News

    UN Warns of Money Laundering Risks Arising from Mekong Region Casinos

    According to the U.N. Office on Drugs and Crime, the bond of China and Thailand with Myanmar is g...

    UN Warns of Money Laundering Risks Arising from Mekong Region Casinos Explore More

    News

    Russian Financial Authorities Reach Consensus on Crypto Mining Regulation

    Russian financial authorities have adopted a common ground on cryptocurrency mining regulation. T...

    Russian Financial Authorities Reach Consensus on Crypto Mining Regulation Explore More

    News

    The Commodity Futures Trading Commission to Regulate the Crypto Market with “Full Oversight Capabilities”

    The chairman of the CFTC discussed that his agency would regulate the crypto market.  Digital Com...

    The Commodity Futures Trading Commission to Regulate the Crypto Market with “Full Oversight Capabilities” Explore More

    News

    FinCEN Proposes Extension in Suspicious Activity Reporting Rules

    The US Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM...

    FinCEN Proposes Extension in Suspicious Activity Reporting Rules Explore More

    News

    Man Arrested For Stealing Identities, Funding 1800 Online Gambling Accounts

    The man suspected of stealing other’s identities to create online gambling accounts has finally b...

    Man Arrested For Stealing Identities, Funding 1800 Online Gambling Accounts Explore More

    News

    NGO Coalition Files a Complaint Against French Banks for Money Laundering Linked to Amazon Deforestation

    The Non-Governmental Organisations (NGOs) have filed complaints against French banks BNP Paribas,...

    NGO Coalition Files a Complaint Against French Banks for Money Laundering Linked to Amazon Deforestation Explore More

    News

    UAE to be Removed from FATF Gray List in 2024

    The UAE’s Minister of State for Foreign Trade and chairman of the Emirates Bullion Committee hope...

    UAE to be Removed from FATF Gray List in 2024 Explore More

    News

    Binance Expands Footprint in Europe as it Acquires License to Operate in Sweden

    The Swedish financial supervisory authority (FSA) allowed Binance to operate in the country, whic...

    Binance Expands Footprint in Europe as it Acquires License to Operate in Sweden Explore More

    News

    Central banks urged to introduce digital alternatives to cash

    According to a recent report from Positive Money, Central banks across the globe should issue a d...

    Central banks urged to introduce digital alternatives to cash Explore More

    News

    Pandora Papers Highlight ‘Gatekeepers’ of Black Money, says EU Financial Watchdog

    The new report of MONEYVAL offers a diminishing rebuke across European governments that are unabl...

    Pandora Papers Highlight ‘Gatekeepers’ of Black Money, says EU Financial Watchdog 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

    NFTs Seek to Implement KYC/AML Standards as Money Laundering Rises

    NFTs (Non-Fungible Tokens) are certainly becoming popular in the crypto industry. However, they d...

    NFTs Seek to Implement KYC/AML Standards as Money Laundering Rises 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

    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