The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    18.117.228.247

    The Philippines Introduces Crypto Guidelines Against Financial Crimes

    philopines

    The Philippines Monetary Board (MB) has approved the guidelines regarding the virtual assets service provider (VASP). The organizations that are linked to financial services through virtual assets also come under the guidelines. This is done to promote the regime of financial innovation while dealing with the risks by the Bangko Sentral. These guidelines are the improvement of the virtual currency regulations that were passed in 2017. 

    BSP Governor Benjamin E. Diokno said that “We have seen accelerated growth in the use VCEs in the past three (3) years and it is high time that we broaden the scope of existing regulations in recognition of the evolving nature of this financial innovation and set out commensurate risk management expectations.”

    The framework approved by the Monetary Board extends the licensing regime of Bangko Sentral that covers those involved in facilitating the exchange of fiat currency to virtual assets. Specifically, the listed activities will be subject to the Central Bank’s licensing requirements, as well as AML and CFT regulations. 

    • Exchange between forms of Virtual Assets
    • Virtual assets transfer
    • Safekeeping and managing of virtual assets 

    These VASP guidelines are in connection with the fintech industry’s best practices. It is also consistent with the standards of risk management regarding AML/CFT that are set by the global regulatory authorities such as FATF (Financial Action Task Force).

    “This will ensure that activities relating to VASP are executed within an unbroken chain of regulated entities,” Governor Diokno added. 

    The guidelines also highlight that all virtual asset transfer transactions must be treated as a cross-border wire transfer. All virtual asset service providers must comply with the Central Bank’s rules regarding wire transfer. Central Bank is committed to technological development. 

    Related Posts

    News

    Global AML Watchdog FATF Puts UAE on the Grey List

    The Paris-based Financial Action Task Force placed the UAE on the grey list for “strategic defici...

    Global AML Watchdog FATF Puts UAE on the Grey List Explore More

    News

    Kuwait’s Ministry of Social Affairs to Amend the Executive Law to Fight Money Laundering and Terrorism

    Kuwait’s Ministry of Social Affairs is currently reviewing a proposal to amend the executive regu...

    Kuwait’s Ministry of Social Affairs to Amend the Executive Law to Fight Money Laundering and Terrorism Explore More

    News

    Senate Reveals a 12-Year-Old Loophole Targeted by Americans to Cheat IRS

    Offshore tax loopholes are safe havens for wealthy Americans to cheat the Internal Revenue Servic...

    Senate Reveals a 12-Year-Old Loophole Targeted by Americans to Cheat IRS Explore More

    News

    FCA Puts its Foot Down Against Money laundering in Banking Sector

    Financial Conduct Authority, FCA, is taking action against money laundering in the banking and fi...

    FCA Puts its Foot Down Against Money laundering in Banking Sector Explore More

    News

    Ireland Mandates Registration of Crypto Firms Under AML Laws

    Ireland has taken new measures to regulate crypto businesses under the AML law for the first time...

    Ireland Mandates Registration of Crypto Firms Under AML Laws Explore More

    News

    Vietnam’s New Legislation on E-Transactions Will Take Effect on July 2024

    The National Assembly of Vietnam passed the new e-Transaction law replacing the previous one, No....

    Vietnam’s New Legislation on E-Transactions Will Take Effect on July 2024 Explore More

    News

    Sebi Releases New Anti-Money Laundering Guidelines

    The capital markets regulatory authority, the Securities Exchange Board of India (Sebi), publishe...

    Sebi Releases New Anti-Money Laundering Guidelines Explore More

    News

    Australian Federal Police to Establish a Cryptocurrency Unit to Combat Money Laundering

    AFP rolled out a dedicated crypto unit to combat monetary scams by fraudsters. According to AFP, ...

    Australian Federal Police to Establish a Cryptocurrency Unit to Combat Money Laundering Explore More

    News

    CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture

    The Council for Scientific and Industrial Research (CSIR) has reported that cyberattacks have inc...

    CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture Explore More

    News

    IMF Joins Hands with Philippines on Wholesale CBDC Project

    IMF has announced the collaboration with BSP (Bangko Sentral ng Pilipinas) for the development of...

    IMF Joins Hands with Philippines on Wholesale CBDC Project Explore More

    News

    Property Brokers in New Zealand Given Official Warning over AML/CFT Compliance

    An eighty-branch real estate agency in New Zealand, Property Brokers, has received their first fo...

    Property Brokers in New Zealand Given Official Warning over AML/CFT Compliance Explore More

    News

    AMLC Demands Rigid Security Measures for Non-Compliant Businesses in the Philippines

    The Anti-Money Laundering Council (AMLC) is pushing for more strict due diligence measures on del...

    AMLC Demands Rigid Security Measures for Non-Compliant Businesses in the Philippines Explore More

    News

    Hungary Becomes “Largely Compliant” with FATF Standards After Improving AML/CFT Measures

    The Anti-Money Laundering Body of the Council of Europe has stated that Hungary has improved its ...

    Hungary Becomes “Largely Compliant” with FATF Standards After Improving AML/CFT Measures 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

    Rules for AMLC Inquiry for Bank Accounts Released by the Court of Appeals (CA)

    On Sunday, the Court of Appeals (CA) issued its rule of process for assessing the deposit or inve...

    Rules for AMLC Inquiry for Bank Accounts Released by the Court of Appeals (CA) Explore More

    News

    The Cayman Islands Lead Overseas Delegations Discussing Actions to be Removed from FATF’s Gray List

    The Attorney General of Cayman, Samuel Bulgin, KC, and the Minister for Financial Services and Co...

    The Cayman Islands Lead Overseas Delegations Discussing Actions to be Removed from FATF’s Gray List 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

    US Financial Committee to Investigate Crypto to Combat Terrorist Financing

    The US House of Financial Service Committee (FSC)  is set to conduct an in-depth investigation of...

    US Financial Committee to Investigate Crypto to Combat Terrorist Financing Explore More

    News

    Phillippines Added to FATF Gray List Again for Inadequate AML Casino Measures

    The Philippine financial system did not comply with international Financial Action Task Force (FA...

    Phillippines Added to FATF Gray List Again for Inadequate AML Casino Measures Explore More

    News

    Hong Kong Police Seizes $65 Million From Triad Controlled Money Laundering Ring

     Hong Kong police detained 458 people and seized $65 million in connection with an extensive crim...

    Hong Kong Police Seizes $65 Million From Triad Controlled Money Laundering Ring Explore More

    News

    Ireland Campaigns to make Dublin the EU AML Authority Headquarter

    A team was established in the Department of Finance by the Irish government to campaign for Dubli...

    Ireland Campaigns to make Dublin the EU AML Authority Headquarter Explore More

    News

    Nigeria’s EFCC Devoted to Combating Money Laundering in Real Estate Sector

    The Economic and Financial Crimes Commission chairman says that the agency is committed to fighti...

    Nigeria’s EFCC Devoted to Combating Money Laundering in Real Estate Sector 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

    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

    Europe Bolsters Fight Against Financial Crime with AMLA Formation

    The European Parliament (EP) and European Union (EU) council teams have agreed to create the Euro...

    Europe Bolsters Fight Against Financial Crime with AMLA Formation Explore More

    News

    SFMS Reports Blocking Russian Crypto Exchanges

    Ukraine’s financial monitoring agency has restricted access to several online crypto exchan...

    SFMS Reports Blocking Russian Crypto Exchanges Explore More

    News

    India and the United States Collaborate to Combat Financial Crime

    The US-India Dialogue on Anti-Money Laundering and Countering Terrorism Financing, jointly chaire...

    India and the United States Collaborate to Combat Financial Crime Explore More

    News

    Macau Police Arrests Cross-border Money Laundering Group for Illicit Financing of HK1.1 Billion

    A group of 22 individuals were arrested by authorities in Macau and HK for suspicions of being in...

    Macau Police Arrests Cross-border Money Laundering Group for Illicit Financing of HK1.1 Billion Explore More

    News

    Kuwait Bans Crypto-Related Activities to Combat Money Laundering

    The government of Kuwait banned all crypto-related activities on July 18th, including mining, tra...

    Kuwait Bans Crypto-Related Activities to Combat Money Laundering Explore More

    News

    Australian Law Council Reports Practitioners Successfully Mitigating Money Laundering Risks

    The Australian Law Council claimed they noticed in the survey that lawyers uphold rigorous regula...

    Australian Law Council Reports Practitioners Successfully Mitigating Money Laundering Risks Explore More

    News

    EFCC Urges DNFBPs to Align Operations with Newly Enacted Money Laundering Prohibition and Prevention Act 2022

    EFCC has called on designated non-financial businesses and professions to conduct their dealings ...

    EFCC Urges DNFBPs to Align Operations with Newly Enacted Money Laundering Prohibition and Prevention Act 2022 Explore More

    News

    Swiss Govt. to Amend Banking Act for Press Freedom in Finance Sector

    The Swiss Government has signaled to amend the banking act for press freedom in the finance secto...

    Swiss Govt. to Amend Banking Act for Press Freedom in Finance Sector 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

    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

    Non-compliant Crypto Accounts will Face Immediate Closure from Banks – Says CBN

    Nigerian banks are ordered to track and freeze non-compliant crypto accounts, while banks that fa...

    Non-compliant Crypto Accounts will Face Immediate Closure from Banks – Says CBN Explore More

    News

    Mirabaud Bank Fined $3M for AML Failings by Dubai Authorities

    The Dubai Financial Service Authority (DFSA) levied a fine of $3M on the Middle Eastern bank, Mir...

    Mirabaud Bank Fined $3M for AML Failings by Dubai Authorities Explore More

    News

    SA Government Passes New Legislation to Avoid FATF Gray list

    South African government has passed two crucial legislations to prevent potential greylisting by ...

    SA Government Passes New Legislation to Avoid FATF Gray list Explore More

    News

    Real Estate is Becoming a Primary Target for Money Launderers in the UK

    According to a government report, Luxury London homes are a new method to launder illicit funds. ...

    Real Estate is Becoming a Primary Target for Money Launderers in the UK Explore More

    News

    IPEC to Collaborate With FIU to Improve AML Framework

    IPEC to collaborate with FIU to identify terrorist financing and money laundering risks that are ...

    IPEC to Collaborate With FIU to Improve AML Framework Explore More

    News

    Crypto Services Approved Under AMLD5 Regulations by the Dutch Central Bank

    De Nederlandsche Bank NV (DNB) has permitted AMDAX BV the Central Bank of Netherlands to operate ...

    Crypto Services Approved Under AMLD5 Regulations by the Dutch Central Bank Explore More

    News

    Google launches a new website to educate people about online scams

    Hackers are more active during the COVID-19 outbreak than normal routine, considering which Googl...

    Google launches a new website to educate people about online scams Explore More

    News

    Experts Warn Many Firms Will Face Challenges With Latest FCA UK Crypto Law

    The UK’s Financial Conduct Authority (FCA) updated the crypto industry regulations recently, whic...

    Experts Warn Many Firms Will Face Challenges With Latest FCA UK Crypto Law 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

    Hong-Kong Police Crack money-laundering Cartel of Processing HK$119 Million in 2 months

    Hong Kong police have rounded up 11 men in a crackdown on a cross-border syndicate with a suspect...

    Hong-Kong Police Crack money-laundering Cartel of Processing HK$119 Million in 2 months Explore More

    News

    FCA Emphasises on Companies to Invest in Compliance Program

    The U.K’s financial crime investigation agency is now taking steps that will involve the companie...

    FCA Emphasises on Companies to Invest in Compliance Program Explore More

    News

    US Authorities Seize Bahamas Bank for Laundering $58 Million

    It’s rumoured that Deltec, a Bahamas-based bank popular with crypto clients, is linked to a...

    US Authorities Seize Bahamas Bank for Laundering $58 Million Explore More

    News

    FATF Issues Guidance for AML/CFT Digitization of FIUs

    FATF published a report in collaboration with the Egmont group discussing why and how FIUs should...

    FATF Issues Guidance for AML/CFT Digitization of FIUs Explore More

    News

    N26 Fined $5M by German Watchdog for Delayed SAR

    German regulator BaFin imposes a hefty $5 million penalty on digital banking company, N26, for un...

    N26 Fined $5M by German Watchdog for Delayed SAR Explore More

    News

    UK Mandates Enhanced Due Diligence on High-Risk Jurisdiction

    Authorities in the UK rolls our new regulatory measures to perform enhanced due diligence for hig...

    UK Mandates Enhanced Due Diligence on High-Risk Jurisdiction Explore More

    News

    New York Federal Reserve Sued by Puerto Rican Bank For Blocking Service in Venezuela

    A Puerto Rican bank has sued the New York Federal Reserve on 25th July for suspending their acces...

    New York Federal Reserve Sued by Puerto Rican Bank For Blocking Service in Venezuela Explore More

    News

    FinCEN Warns Banks of Potential Russian Sanctions Evasion

    The Financial Crimes Enforcement Network (FinCEN) has warned banks of possible suspicious practic...

    FinCEN Warns Banks of Potential Russian Sanctions Evasion 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

    Australia’s Money Laundering Failures Increase Risk of Russia Sanctions

    Australia is facing embarrassment on the possibility of being placed on the FATF’s “grey list” fo...

    Australia’s Money Laundering Failures Increase Risk of Russia Sanctions Explore More

    News

    Experts Warn that Scammers are Exploiting EU Users on Meta’s Threads

    Meta’s Threads app has become the newest platform for cyber scammers to commit identity theft, cr...

    Experts Warn that Scammers are Exploiting EU Users on Meta’s Threads Explore More

    News

    Indian Brokers Under Investigation for Alleged Money Laundering and Identity Theft

    Three of the most prominent brokers in the country have come under scrutiny from numerous regulat...

    Indian Brokers Under Investigation for Alleged Money Laundering and Identity Theft Explore More

    News

    Myanmar Promises Improvements after FATF’s Blacklisting

    Myanmar’s central bank has made promises of reforms and issued a warning against currency m...

    Myanmar Promises Improvements after FATF’s Blacklisting Explore More

    News

    Monetary System of Nation-States at Systematic Risk due to Stablecoins, Says FSB

    With the introduction of global stablecoin like Facebook’s Libra, G20’s watchdog, the Financial S...

    Monetary System of Nation-States at Systematic Risk due to Stablecoins, Says FSB Explore More

    News

    DBS Bank in Singapore Entering the Crypto Sector with Three New Offerings

    Singapore’s largest commercial and retail bank, DBS, is likely to enter the cryptocurrency sector...

    DBS Bank in Singapore Entering the Crypto Sector with Three New Offerings Explore More

    News

    Central Bank of Nigeria Lifts Limit on $10k Deposits for Domestic Account Holders

    Domestic account holders of Nigeria will be able to access the funds in their accounts without hi...

    Central Bank of Nigeria Lifts Limit on $10k Deposits for Domestic Account Holders Explore More

    News

    Cabinet Pressurizing BVI to Improve its Financial Laws

    Many international financial regulatory bodies have pointed fingers at BVI’s financial service in...

    Cabinet Pressurizing BVI to Improve its Financial Laws Explore More

    News

    IRS Criminal Investigation Uncovers Approx. $10 Billion Worth of FinCrime

    IRS-CI FY 2021 highlighted $2.19 billion in tax fraud, $8.18 billion in financial crimes, 1497 wa...

    IRS Criminal Investigation Uncovers Approx. $10 Billion Worth of FinCrime Explore More

    News

    UK Mandates Enhanced Due Diligence on High-Risk Jurisdiction

    Authorities in the UK rolls our new regulatory measures to perform enhanced due diligence for hig...

    UK Mandates Enhanced Due Diligence on High-Risk Jurisdiction Explore More

    News

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

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

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

    News

    Thai Police Bust $27M Crypto Scam and Seize Multiple Luxury Properties

    In a recent operation, Thai authorities uncovered a $27m crypto scam targeting local investors an...

    Thai Police Bust $27M Crypto Scam and Seize Multiple Luxury Properties Explore More

    News

    UK watchdogs launch ad-scam alert system to control online fraud

    The United Kingdom Advertising Standards Authority (ASA) and the Internet Advertising Office (IAB...

    UK watchdogs launch ad-scam alert system to control online fraud Explore More

    News

    Australian Regulators Seeking to Implement Travel Rules for Cryptocurrency

    Australia is looking at the laws that would require cryptocurrency providers to record the inform...

    Australian Regulators Seeking to Implement Travel Rules for Cryptocurrency Explore More

    News

    UK Government Aims to Recover £1 Billion Lost Funds Over the Next Decade

    The UK Government has put technology as the front and centre force to fight crimes and reinforce ...

    UK Government Aims to Recover £1 Billion Lost Funds Over the Next Decade Explore More

    News

    Global regulators propose stricter scrutiny of derivatives clearers amidst deadlock with banks

    LONDON – Global regulators have suggested greater scrutiny of clearinghouses managing trill...

    Global regulators propose stricter scrutiny of derivatives clearers amidst deadlock with banks Explore More

    News

    NGOs Advised on Due Diligence to Tackle Terrorism Financing

    The Financial Crimes Commission’s SCUML has advised Non-Governmental Organizations (NGOs) to cond...

    NGOs Advised on Due Diligence to Tackle Terrorism Financing Explore More

    News

    FCA Puts its Foot Down Against Money laundering in Banking Sector

    Financial Conduct Authority, FCA, is taking action against money laundering in the banking and fi...

    FCA Puts its Foot Down Against Money laundering in Banking Sector Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe have emerged with enhanced AML requirements for corporate services businesse...

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively 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

    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