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

    3.138.178.107

    The Rise of FinTech Services can Spur Financial Risk: Says U.S. Bank Regulator

    n-img-fintech

    According to the US bank regulator, banks and the fintech alliance for a seamless customer experience makes it complex to distinguish where the bank stops and the tech firm starts. 

    On Wednesday, Acting Comptroller of the Currency, Michael Hsu, a central U.S. bank regulator, warned about potential crisis and financial risk due to proliferating fintech services

    More complications and ‘de-integration’ in the banking sector have been created due to Fintech’s intrusion into the traditional financial industry. At the New York conference, Hsu said, “I believe fintech and big techs are having a large impact and warrant much more of our attention.” 

    According to Hsu, endeavoring to provide a better customer experience, banks and tech firms collaborate in a way that creates difficulties for regulators to identify the difference between both. “My strong sense is that this process, left to its own devices, is likely to accelerate and expand until there is a severe problem or even a crisis,” Hsu said. 

    He also added that as increased financing costs failed FinTech valuation, the partnership between banks and FinTech is rising gradually. It can result in possible I.T. risks across information security and resilience. Moreover, it can raise the issues of customer protection too.

    “I worry increasingly about the ‘unknowns’ and am concerned that the less familiar risks of this digital transition are unlabeled and thus unseen. As we learned from the 2008 financial crisis, risks that are unseen have a tendency to grow and later to be the source of nasty surprises,” said Hsu.

    Before this, a former Comptroller of the Currency, Gene Ludwig, also warned about fintech’s easy regulations than those that govern banks. 

    Ludwig stated, “The non-banking industry is getting away with murder,”. According to the prediction of Ludwig, non-banks “will get us into the next financial crisis if we don’t do something about it.”

    U.S. regulators have been very cautious about allowing banks to get plunged into cryptocurrencies that have fallen down in recent months on fears that hikes in interest rates will end cheap money’s era. Many crypto firms have also filed for bankruptcy, which seems a critical issue for the crypto industry.  

    According to Hsu, the state of confusion kept “all of the hallmarks of a classic run” on an industry that’s interconnected with several issues. 

    Suggested Read: SriLankan Government to Enforce Money Laundering Law to Restrict Illicit Flow of Money

    Related Posts

    News

    AUSTRAC Partners With UK Counterpart to Fight Fraud

    The financial intelligence agency has announced AUSTRAC has entered a new partnership with a UK c...

    AUSTRAC Partners With UK Counterpart to Fight Fraud Explore More

    News

    President Biden Takes the Reins with Halting Digital Assets’ Rule Making

    Regulatory proposal regarding digital assets has been frozen by President Joe Biden. Biden took h...

    President Biden Takes the Reins with Halting Digital Assets’ Rule Making Explore More

    News

    Cyber Attacks are More Frequent During the Holiday Season: CISA

    The holiday season is always accompanied by deals, discounts, special offers and countless shoppi...

    Cyber Attacks are More Frequent During the Holiday Season: CISA Explore More

    News

    European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms

    The European Commission has issued a new warning on breaching global trade laws as the EU bans ta...

    European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms Explore More

    News

    Oklahoma Takes Strict Legislative Measures to Prevent Child Identity Theft

    The Senate of Oklahoma has approved a bill to take strict measures against those involved in the ...

    Oklahoma Takes Strict Legislative Measures to Prevent Child Identity Theft Explore More

    News

    UAE Convenes Summit on Curbing Money Laundering and Terrorism Financing

    The UAE convened an international summit on money laundering and terrorist financing prevention i...

    UAE Convenes Summit on Curbing Money Laundering and Terrorism Financing Explore More

    News

    Amendments in UK Supervision Laws Enhance Risk of Money Laundering

    Accounting bodies have warned that changes in the UK supervision of AML compliance regulations wi...

    Amendments in UK Supervision Laws Enhance Risk of Money Laundering Explore More

    News

    US Regulates Art Market as it is at High Risk of Money Laundering

    Law enforcement agencies across the globe have turned their attention to the use of high-value ar...

    US Regulates Art Market as it is at High Risk of Money Laundering Explore More

    News

    €18 Million of Illicit Cash Flows Undetected Across 25 EU States in Two Weeks

    A major customs operation, BELENOS, by the French Customs authorities, has unveiled an illicit fl...

    €18 Million of Illicit Cash Flows Undetected Across 25 EU States in Two Weeks Explore More

    News

    FinTech and InsureTech Booms in Israel as $120M Raised for Investments

    FinTLV, a fund based in Tel Aviv, has announced that it has collected $120 million worth of funds...

    FinTech and InsureTech Booms in Israel as $120M Raised for Investments Explore More

    News

    United Kingdom watchdog puts pressure on Deutsche bank

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

    United Kingdom watchdog puts pressure on Deutsche bank Explore More

    News

    455 Social Media Accounts Flagged for Rolling Out Fake IDs – Europol Reports

    455 social media accounts flagged by Europol, which were providing fake identity documents to ill...

    455 Social Media Accounts Flagged for Rolling Out Fake IDs  – Europol Reports Explore More

    News

    Albania’s Fight Against Money Laundering and Terrorist Financing Gains Traction

    Based on the Council of Europe’s MONEYVAL review report, published on June 21st, Albania ha...

    Albania’s Fight Against Money Laundering and Terrorist Financing Gains Traction Explore More

    News

    Social Media Firms May Face Parallel Regulation – Says Data Protection Authority

    Social media platforms approached the I&B ministry citing apprehension that they may face par...

    Social Media Firms May Face Parallel Regulation – Says Data Protection Authority Explore More

    News

    BaFin Threatens Deutsche Bank of Fines Over Weak AML Controls

    Germany’s Financial Watchdog BaFin is not satisfied with the efforts of Deutsche Bank AG to contr...

    BaFin Threatens Deutsche Bank of Fines Over Weak AML Controls Explore More

    News

    EU Watchdog Takes Deep Dive Into Banks’ Use of Technology

    EU’s banking watchdog has recognized the need for RegTech solutions and proper regulatory standar...

    EU Watchdog Takes Deep Dive Into Banks’ Use of Technology 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

    ACCC Calls for Heavy Penalties to Make Tech Giants Scam-free

    The Australian Competition and Consumer Commission (ACCC) has demanded severe penalties linked to...

    ACCC Calls for Heavy Penalties to Make Tech Giants Scam-free Explore More

    News

    Identity Theft Pushed to New Records with Buy-Now-Pay-Later Boom in Australia

    BNPL (Buy-Now-Pay-Later) policy in Australia has given a rise to identity theft and has doubled t...

    Identity Theft Pushed to New Records with Buy-Now-Pay-Later Boom in Australia Explore More

    News

    Turkey to Ban Cryptocurrency Payments to Avoid Financial Crime

    The Central Bank of Turkey is to ban the use of cryptocurrency payments by 30th April. This initi...

    Turkey to Ban Cryptocurrency Payments to Avoid Financial Crime Explore More

    News

    MAS Finalises New Data-sharing Platforms for the Banking Sector

    MAS has developed a new platform that will allow banks to securely share information and warn eac...

    MAS Finalises New Data-sharing Platforms for the Banking Sector Explore More

    News

    FMA Sues Tiger Brokers for AML/CTF Breaches

    The Financial Markets Authority (FMA) has filed court proceedings against Tiger Brokers for alleg...

    FMA Sues Tiger Brokers for AML/CTF Breaches Explore More

    News

    Interpol Calls for Global Action to Prevent “Ransomware Pandemic”

    Interpol has called for united global action to be implemented against ransomware attacks, follow...

    Interpol Calls for Global Action to Prevent “Ransomware Pandemic” Explore More

    News

    Lloyds Bank of UK Issues Warning Over Increasing Threat of Crypto Scams

    Lloyds Bank revealed a rise in cryptocurrency investment scams and reported a 23% increase compar...

    Lloyds Bank of UK Issues Warning Over Increasing Threat of Crypto Scams Explore More

    News

    IRS Highlights Potential Risk of Fraud in NFTs and Cryptocurrencies

    IRS highlights Non-Fungible Token (NFTs) and crypto as the potential risk of financial crimes, in...

    IRS Highlights Potential Risk of Fraud in NFTs and Cryptocurrencies Explore More

    News

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

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

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

    News

    UK Approves New Bill to Enhance Security in the Cryptocurrency Sector

    The UK government has approved a bill to grant power to the authorities to seize cryptocurrency p...

    UK Approves New Bill to Enhance Security in the Cryptocurrency Sector 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

    SMS Phishing Scams are Impersonating State Agencies – FTC Warns

    FTC issues warning against SMS phishing attacks that are impersonating state workforce agencies t...

    SMS Phishing Scams are Impersonating State Agencies – FTC Warns Explore More

    News

    Americans ‘work from home’ strategy present new targets for hackers

    Coronavirus outbreak has forced organizations to let their employees work from home during the ou...

    Americans ‘work from home’ strategy present new targets for hackers Explore More

    News

    EFCC Warns Financial Crime is Thriving in Real Estate

    According to the Economic and Financial Crimes Commission, EFCC, real estate companies are requir...

    EFCC Warns Financial Crime is Thriving in Real Estate Explore More

    News

    Hong Kong’s SFC Plans to Regulate Digital Asset Trading Platforms

    Hong Kong’s Securities and Future Commission has proposed strict rules for digital asset exchange...

    Hong Kong’s SFC Plans to Regulate Digital Asset Trading Platforms Explore More

    News

    Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert.

    A crypto-savvy and a CFTC (Commodity Futures Trading Commission) chair from President Obama’s gov...

    Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert. Explore More

    News

    FinCEN and FDIC to Test the Effectiveness of Digital ID Verification Tools

    Two federal regulators – the FinCEN and FDIC have called for a ‘tech sprint’ to assess the ...

    FinCEN and FDIC to Test the Effectiveness of Digital ID Verification Tools Explore More

    News

    Over £1 Million Lost to Covid Business Support Fraud in Leeds

    Leeds City Council papers have shown 74 cases of Covid business support fraud where more than £1 ...

    Over £1 Million Lost to Covid Business Support Fraud in Leeds Explore More

    News

    Crypto Adoption on the Rise, PayPal will Offer Crypto Payments in 2021

    In the digital era, companies are shifting toward digital means of communication. Banks have plan...

    Crypto Adoption on the Rise, PayPal will Offer Crypto Payments in 2021 Explore More

    News

    German Law Firm Denies Money Laundering Allegations Against Deutsche ReGas

    Hengeler Mueller, a German law firm, investigated the loopholes in the Anti-Money Laundering (AML...

    German Law Firm Denies Money Laundering Allegations Against Deutsche ReGas Explore More

    News

    Homeland Security Takes Back Its Plans of Facial Recognition for US Citizens

    The Department of Homeland Security (DHS) is taking back its decision to implement a policy that ...

    Homeland Security Takes Back Its Plans of Facial Recognition for US Citizens 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

    1.6M Unemployment Claim Filers Exposed Due to Data Breach

    The Washington State Auditor’s Office has investigated an incident that has exposed the personal ...

    1.6M Unemployment Claim Filers Exposed  Due to Data Breach Explore More

    News

    Czech Republic Ramps Up Efforts to Combat Financial Crimes

    According to a Moneyval report, the Czech Republic is showing progress in improving its complianc...

    Czech Republic Ramps Up Efforts to Combat Financial Crimes 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

    FSRA to Take Action Over the MGA’s Training Practices

    The Financial Services Regulatory Authority of Ontario (FSRA) has notified that it’s going to tak...

    FSRA to Take Action Over the MGA’s Training Practices Explore More

    News

    UAE Charges Six Companies with Dh3.2 Million for AML/CTF Violations

    The UAE has fined six companies Dh3.2 million for failing to comply with Anti-Money Laundering an...

    UAE Charges Six Companies with Dh3.2 Million for AML/CTF Violations Explore More

    News

    UAE Imposes Strict Penalties for AML and CFT Failings

    The UAE is set to be removed from the FATF’s Gray List in the upcoming year as it substantially i...

    UAE Imposes Strict Penalties for AML and CFT Failings Explore More

    News

    Panama & the Cayman Islands’ AML Efforts May Lead to Removal From FATF Gray List

    According to the Paris-based watchdog, Financial Action Task Force (FATF), Panama and the Cayman ...

    Panama & the Cayman Islands’ AML Efforts May Lead to Removal From FATF Gray List Explore More

    News

    BANGKO SENTRAL ng Pilipinas (BSP) Cancels Licences of Two Firms

    THE BANGKO SENTRAL ng Pilipinas (BSP) has cancelled two virtual asset service provider (VASP) fir...

    BANGKO SENTRAL ng Pilipinas (BSP) Cancels Licences of Two Firms Explore More

    News

    China plans on introducing digital yuan

    China’s central bank has sent one of its strongest signals yet of a commitment to creating ...

    China plans on introducing digital yuan Explore More

    News

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

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

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

    News

    Isle of Man Urged to Take Further Steps to Counter Money Laundering

    The Council of Europe’s anti-money laundering committee has again called for an extension in the ...

    Isle of Man Urged to Take Further Steps to Counter Money Laundering Explore More

    News

    Uber joins lawsuits to exempt itself from California law

    California law effective from today, i.e. Jan 1 is all set to give equal protection to independen...

    Uber joins lawsuits to exempt itself from California law Explore More

    News

    A Brussel Led Crackdown to be Held in Britain if EU Demands are not Met

    MEPs have ordered Brussels to black-list the city of London if it does not comply with the EU’s D...

    A Brussel Led Crackdown to be Held in Britain if EU Demands are not Met Explore More

    News

    Australia DTA Consults on Upcoming “Trusted Digital Identity Bill”

    The consultation will facilitate the Trusted Digital Identity Bill, making digital identity syste...

    Australia DTA Consults on Upcoming “Trusted Digital Identity Bill” Explore More

    News

    Massive Cyberattack on Australia Uses Cryptojacking Exploits

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

    Massive Cyberattack on Australia Uses Cryptojacking Exploits Explore More

    News

    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

    Homeland Security Takes Back Its Plans of Facial Recognition for US Citizens

    The Department of Homeland Security (DHS) is taking back its decision to implement a policy that ...

    Homeland Security Takes Back Its Plans of Facial Recognition for US Citizens Explore More

    News

    FSA Imposed £247,324 Fine on Standard Bank for “Serious Regulatory Failings”

    The Isle of Man Financial Services Authority (IOMFSA) has imposed EUR 247,324 fine on Standard Li...

    FSA Imposed £247,324 Fine on Standard Bank for “Serious Regulatory Failings” Explore More

    News

    Fraud claim filed against HSBC Bank for ‘sham’ investment scheme

    A fraud claim worth £1.3 billion has been submitted by 371 investors against HSBC UK Bank for los...

    Fraud claim filed against HSBC Bank for ‘sham’ investment scheme Explore More

    News

    Emirates Delegation of Anti-Money Laundering and Counter-Terrorism Financing Visits US

    The Emirates Executive Office of Money Laundering and Counter-Terrorism Financing visited Washing...

    Emirates Delegation of Anti-Money Laundering and Counter-Terrorism Financing Visits US Explore More

    News

    Lake County Attorney Launches a Financial Crimes Unit to Combat Fraud

    Lake County state’s attorney announced a new Financial Crimes Unit to deal with money laundering,...

    Lake County Attorney Launches a Financial Crimes Unit to Combat Fraud Explore More

    News

    FATF Highlights “Important Progress” in Colombia’s Anti-Money Laundering Reforms

    A follow-up report from FATF (Financial Action Task Force) reveals that Colombia has significantl...

    FATF Highlights “Important Progress” in Colombia’s Anti-Money Laundering Reforms 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

    The Philippines Introduces Crypto Guidelines Against Financial Crimes

    The Philippines Monetary Board (MB) has approved the guidelines regarding the virtual assets serv...

    The Philippines Introduces Crypto Guidelines Against Financial Crimes Explore More

    News

    Insurance and Pension Sector in Zimbabwe Progressing in Anti-Money Laundering Efforts

    Both sectors in Zimbabwe are prone to money laundering, and the first target of the authorities i...

    Insurance and Pension Sector in Zimbabwe Progressing in Anti-Money Laundering Efforts Explore More

    News

    Turkish Regulatory Authorities Launch Investigation on Social Media Influencers for Money Laundering

    Turkey’s Minister of Social and Labour Security Department stated they are conducting an in-depth...

    Turkish Regulatory Authorities Launch Investigation on Social Media Influencers for Money Laundering Explore More

    News

    Court Dismisses Appeal in New Zealand’s First Criminal Prosecution Under AML/CFT Act

    Court of Appeal dismisses an appeal on 1st July against New Zealand’s first criminal prosecution ...

    Court Dismisses Appeal in New Zealand’s First Criminal Prosecution Under AML/CFT Act Explore More

    News

    FATF: US largely complacent with virtual currency regulations

    The Financial Action Task Force (FATF) has rated the U.S. “largely compliant” with its revised cr...

    FATF: US largely complacent with virtual currency regulations Explore More

    News

    US Crypto Industry Faces Pushback on Implementation of Crypto-Friendly Legislation

    The US crypto firms visited Capitol Hill to push their industry-friendly regulations however, thi...

    US Crypto Industry Faces Pushback on Implementation of Crypto-Friendly Legislation Explore More

    News

    Europol Arrests 106 Suspects in Money Laundering, Online Fraud Case

    The organised crime operation involved phishing scams and numerous business email compromise atta...

    Europol Arrests 106 Suspects in Money Laundering, Online Fraud Case Explore More

    News

    Facebook and LinkedIn follow Twitter’s suit demanding Clear view AI to stop scrapping user images

    The previous month, after NewYork Times’ critical report on the facial recognition tech of Clearv...

    Facebook and LinkedIn follow Twitter’s suit demanding Clear view AI to stop scrapping user images Explore More

    News

    UAE Extends the Deadline for DNFBPs to Register for AML Regulations

    The Ministry of Economy (MoE) in Abu Dhabi has announced the deadline extension for the registrat...

    UAE Extends the Deadline for DNFBPs to Register for AML Regulations 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

    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