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

    18.97.14.89

    UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs

    n-img-fca

    The UK’s Financial Conduct Authority has ordered crypto firms operating illegally in the country to shut down their ATMs or face enforcement action.

    In the official notice published on the FCA’s website on March 11, the authority stated that crypto service providers must immediately close down their ATMs. Operators that fail to do so and continue operating despite the warning will be subject to enforcement action.

    The official notice explained the new order in detail:

    Crypto ATMs that offer crypto-asset exchange services in the UK must be registered with FCA and comply with the UK Money Laundering Regulations (MLR).

    None of the crypto asset firms that are registered with the FCA can offer crypto ATM services in the UK and if they are doing so, it would be considered illegal and consumers must not use them either. 

    The FCA decided to take legal action against crypto ATM operators in the country following the legal judgment taken by the Upper Tribunal against the crypto firm Gidiplus in February 2022.

    Gidiplus wanted the country’s Upper Tribunal to allow it to continue trading while it waits for the judgment of its appeal against the FCA’s decision to refuse its application for registration under the MLRs.

    The Tribunal decided that there wasn’t sufficient evidence to confirm if Gidiplus would conduct its business in a broadly compliant manner. Earlier the FCA had also published in June 2021 a list of 111 UK-based crypto companies that were unregistered with the FCA for anti-money laundering compliance and were conducting operations. These crypto firms were shut down and are no longer operational.

    The FCA’s order concluded that it regularly sends out warnings to consumers regarding the high-risk and unregulated nature of crypto assets. The FCA also stated in the notice that the risk of crypto assets makes it more likely to affect people as firms do not implement any safeguards in case things go sideways.

    Suggested read: FCA Imposed a $1.05M fine on Barclays Bank for “Oversight Failings”

    Related Posts

    News

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

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

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

    News

    The Naivas Data Breach | A Wake-Up Call for Firms to Follow Privacy Laws

    Naivas, one of Kenya’s largest supermarkets, recently suffered a data breach, highlighting ...

    The Naivas Data Breach | A Wake-Up Call for Firms to Follow Privacy Laws Explore More

    News

    EU Suggests Blacklisting UAE Following “Dubai Uncovered” Leaks

    The EU has suggested blacklisting UAE under the “Dubai Uncovered” leaks depicting how sanctioned ...

    EU Suggests Blacklisting UAE Following “Dubai Uncovered” Leaks Explore More

    News

    Shufti Introduces Digital COVID Pass for COVID Test Verification

    Shufti has launched a Digital Covid Pass solution to promptly verify the COVID PCR-test repor...

    Shufti Introduces Digital COVID Pass for COVID Test Verification Explore More

    News

    G20 regulator warns countries to alleviate risks of Libra-like stablecoins

    The Financial Stability Board (FSB) has alerted national regulators to gauge standards and tackle...

    G20 regulator warns countries to alleviate risks of Libra-like stablecoins Explore More

    News

    Irish Businessmen lost More than €10 Million in Invoice Redirect Fraud

    Sophisticated invoice redirect fraud in Ireland has resulted in the loss of €10 Million for busin...

    Irish Businessmen lost More than €10 Million in Invoice Redirect Fraud 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

    Moroccan Charity, Najiba Foundation, Faces Account Termination by ING Bank for AML Failures

    Internationale Nederlanden Groep (ING) wants to terminate one of the largest Moroccan charity fou...

    Moroccan Charity, Najiba Foundation, Faces Account Termination by ING Bank for AML Failures Explore More

    News

    CBN Issues AML/CFT/CPF Guidelines for Licencing Banks and other Financial Institutions

    The Central Bank of Nigeria (CBN) has issued guidelines to assist promoters of banks and other fi...

    CBN Issues AML/CFT/CPF Guidelines for Licencing Banks and other Financial Institutions 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

    Crown Casinos Fined $450 Million for AML Failures

    Casino operator Crown should pay a fine of $450 million for 546 violations of anti-money launderi...

    Crown Casinos Fined $450 Million for AML Failures Explore More

    News

    Phishing attacks hidden in Google Cloud Services

    Cybercriminals are concealing phishing efforts behind legitimate resources like google cloud serv...

    Phishing attacks hidden in Google Cloud Services Explore More

    News

    FIAU Charges ECCM Bank €310,000 for Weak AML Controls

    FIAU charged Silema-based ECCM Bank €310,000 over failings in money laundering controls, revealin...

    FIAU Charges ECCM Bank €310,000 for Weak AML Controls Explore More

    News

    $8.6bn Lost to Cryptocurrency-based Money Laundering in 2021

    ‘The 2022 Crypto Crime Report’ by Chainalysis has revealed that a total of $8.6 billion was lost ...

    $8.6bn Lost to Cryptocurrency-based Money Laundering in 2021 Explore More

    News

    Central Bank Of China Tightens Financial Regulations to Curb Money Laundering

    The Central Bank of China is tightening financial regulation to put limits on transactions, aimin...

    Central Bank Of China Tightens Financial Regulations to Curb Money Laundering 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

    Canada loses millions in online scams

    According to CBC News, 6492 incidents of fraud were reported to Edmonton Police last year, result...

    Canada loses millions in online scams Explore More

    News

    Americans Lose $3.82 Billion to Crypto and ‘Phantom Property’ Investment Scam

    The American public is being alerted to the proliferation of fraudulent investment schemes. Crypt...

    Americans Lose $3.82 Billion to Crypto and ‘Phantom Property’ Investment Scam Explore More

    News

    Russian Government to Take Regulatory Steps to Harmonize Crypto Market.

    Prime Minister of Russian has suggested that crypto should be recognized through the nation’s tax...

    Russian Government to Take Regulatory Steps to Harmonize Crypto Market. 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

    Feds Uncover $12M Money Laundering Operation Between U.S. and Dubai

    Prosecutors have uncovered a money laundering scheme dubbed “The Shadow Exchange” worth USD 12 mi...

    Feds Uncover $12M Money Laundering Operation Between U.S. and Dubai Explore More

    News

    Brexit Deal Decides the Future of Financial Service in the UK and the EU

    Marketers have finally realized the full text of the deal between the UK and Brussels regarding t...

    Brexit Deal Decides the Future of Financial Service in the UK and the EU Explore More

    News

    Biden Increases 50% Budget for FinCEN to Omit Financial Crimes

    President Joe Biden of the USA is pushing a plan for a 50% increase in the budget set aside for t...

    Biden Increases 50% Budget for FinCEN to Omit Financial Crimes Explore More

    News

    ‘Money Laundering risk is higher in banks in Mexico than crypto firms’, says FIU report

    According to the new report generated by the country’s financial intelligence unit (FIU), the ban...

    ‘Money Laundering risk is higher in banks in Mexico than crypto firms’, says FIU report Explore More

    News

    Canada Financial Crimes Agency Questioned on Effectiveness of Anti-Fraud Measures

    Anti-fraud experts are reporting concerns regarding the Liberals’ newly announced Canada Financia...

    Canada Financial Crimes Agency Questioned on Effectiveness of Anti-Fraud Measures Explore More

    News

    Scottish Firm Blacklisted by the World Bank for Fraudulent Practices

    An anonymously owned Scottish firm has been blacklisted by the World Bank for being involved in f...

    Scottish Firm Blacklisted by the World Bank for Fraudulent Practices Explore More

    News

    UAE Arrests Gupta Brothers As Part of Efforts to Combat Money Laundering

    The UAE has arrested the internationally wanted Gupta brothers who were charged for money launder...

    UAE Arrests Gupta Brothers As Part of Efforts to Combat Money Laundering Explore More

    News

    German Customs to Strengthen Fight Against Organised Crime and Money Laundering

    Christian Lindner, German Finance Minister, announced at the weekly cabinet meeting held at the C...

    German Customs to Strengthen Fight Against Organised Crime and Money Laundering Explore More

    News

    South Korea’s Telecom Giant to Introduce Blockchain Wallets for Official Documents

    SK Telecom, a South Korean telecom giant, has announced its first e-wallet for digitally storing ...

    South Korea’s Telecom Giant to Introduce Blockchain Wallets for Official Documents Explore More

    News

    “Crypto Should Be Regulated, Not Prohibited”, Says ECB Vice President

    After his statement in May that declared cryptocurrencies as a risky investment, the Vice Preside...

    “Crypto Should Be Regulated, Not Prohibited”, Says ECB Vice President Explore More

    News

    GBA to Organize Two-day Training Workshop for Addressing AML and CFT Concerns

    GBA concluded a workshop on AML and terrorist financing concerns to avoid any possible threats of...

    GBA to Organize Two-day Training Workshop for Addressing AML and CFT Concerns Explore More

    News

    ODJFS Makes Efforts Against Fraud Schemes, Calling for Improved Safeguards

    The Ohio Department of Jobs and Family Services (ODJFS) has estimated that approximately $506 mil...

    ODJFS Makes Efforts Against Fraud Schemes, Calling for Improved Safeguards Explore More

    News

    Morgan Stanley, Interactive Brokers Under Money Laundering Probe

    The FBI, SEC, and other state agencies are now investigating why Morgan Stanley took on Rodriguez...

    Morgan Stanley, Interactive Brokers Under Money Laundering Probe Explore More

    News

    Surge in Identity Theft Frauds During Covid-19

    According to new data from the Federal Trade Commission (FTC), identity theft has risen to the nu...

    Surge in Identity Theft Frauds During Covid-19 Explore More

    News

    Abu Dhabi to Establish Executive Office to Combat Illicit Financial Flow

    A specialised court in Abu Dhabi will be developed to oversee the measures to fight financial cri...

    Abu Dhabi to Establish Executive Office to Combat Illicit Financial Flow Explore More

    News

    Transnational Organised Crime at Peak in Latin America through Cryptocurrencies

    Transnational criminal organisations that have moved billions of dollars across Latin America are...

    Transnational Organised Crime at Peak in Latin America through Cryptocurrencies Explore More

    News

    Four Biggest Irish Banks Join Forces for Enhanced Security Measures

    Four biggest banks in Ireland, AIB, Bank of Ireland, PTSB, and KBC, have collaborated on the meas...

    Four Biggest Irish Banks Join Forces for Enhanced Security Measures Explore More

    News

    Germany to Form a new Anti-Money Laundering Agency

    Germany is reportedly forming a new AML agency that aims to regulate sanction efforts and money l...

    Germany to Form a new Anti-Money Laundering Agency Explore More

    News

    The market for Digital Identity Solutions expected to double by 2024

    The market for Digital Identity Solutions is predicted to double between 2019 and 2024, as report...

    The market for Digital Identity Solutions expected to double by 2024 Explore More

    News

    Zipmex Crypto Trading Platform Suspends All Activities in Thailand

    Zipmex cryptocurrency exchange firm withdrew all activities in Thailand until 31st January 2024 t...

    Zipmex Crypto Trading Platform Suspends All Activities in Thailand Explore More

    News

    UK Amends Corporate Act to Combat Economic Crimes

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

    UK Amends Corporate Act to Combat Economic Crimes Explore More

    News

    Uruguay Faces 3 Obstacles in the Fight Against Money Laundering

    Uruguay’s national secretariat unit, SENACLAFT, revealed three obstacles in fighting money launde...

    Uruguay Faces 3 Obstacles in the Fight Against Money Laundering Explore More

    News

    FinCEN Hires First-Ever Chief Digital Currency Advisor to Curb Crypto Crime

    To eliminate the misuse of cryptocurrencies, Michele Korver has been appointed by FinCEN as the C...

    FinCEN Hires First-Ever Chief Digital Currency Advisor to Curb Crypto Crime Explore More

    News

    FCA Reviews UK Small Trade Finance Lenders to Ensure Compliance

    FCA is reviewing UK’s small trade finance lenders to assess their due diligence, risk assessment,...

    FCA Reviews UK Small Trade Finance Lenders to Ensure Compliance 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

    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

    MP Calls in For UK’s Defences in Opposition to “Dirty Money” Overrun

    The cross-party group of MP declares UK defences in becoming the “jurisdiction of choice for dirt...

    MP Calls in For UK’s Defences in Opposition to “Dirty Money” Overrun Explore More

    News

    IMF Advocates CBDC and Global Crypto Regulations for Financial Stability

    The new policies advocated by the IMF seek to minimize financial risks associated with the global...

    IMF Advocates CBDC and Global Crypto Regulations for Financial Stability 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

    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

    Hackers Leak Stolen Patient Data After Ransomware Attack on Medibank

    Medibank has warned its customers to be extra cautious after hackers started disclosing private m...

    Hackers Leak Stolen Patient Data After Ransomware Attack on Medibank Explore More

    News

    Non-Compliant Banks Can End Up In FATF’s Gray list – Warns Governor of the South African Reserve Bank

    Lesetja Kganyago, Governor SARB confirms to the Parliament’s standing committee about the i...

    Non-Compliant Banks Can End Up In FATF’s Gray list – Warns Governor of the South African Reserve Bank Explore More

    News

    FMA Blacklists Krypto Security, Bay Exchange, and CTRL Investments Limited

    New Zealand’s FMA has warned investors against services and products being offered by unauthorize...

    FMA Blacklists Krypto Security, Bay Exchange, and CTRL Investments Limited 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

    Australians Lost a Record Amount of Over $3 Billion to Scams in 2022

    The Australian Competition and Consumer Commission (ACCC) revealed that Aussies lost more than $3...

    Australians Lost a Record Amount of Over $3 Billion to Scams in 2022 Explore More

    News

    House Bill Passed in Philippine to Enforce AML LAW

    House of Representatives has approved legal amendments to regulate the developers, metal dealers,...

    House Bill Passed in Philippine to Enforce AML LAW Explore More

    News

    MEF Implements New Tax Rules on Commercial Gambling Businesses to Curb Financial Crime

    The Ministry of Economy and Finance (MEF) brought about new tax rules on commercial gambling busi...

    MEF Implements New Tax Rules on Commercial Gambling Businesses to Curb Financial Crime Explore More

    News

    US Senator Warns ‘a Run on Crypto’ May Need Federal Bailout

    Elizabeth Warren, US Senator and a longtime bitcoin skeptic has shared her views about the upside...

    US Senator Warns ‘a Run on Crypto’ May Need Federal Bailout Explore More

    News

    FIAU Slaps Triton Capital Markets Limited with €227,000 Fine for AML/CTF Breaches

    The Financial Services Analysis Unit (FIAU) FIAU has fined Triton Capital Markets Limited  €227,0...

    FIAU Slaps Triton Capital Markets Limited with €227,000 Fine for AML/CTF Breaches Explore More

    News

    More Crypto Regulations on Their Way, Says Head of Turkish Central Bank

    A  few days ago, the Turkish Central Bank imposed a complete ban on cryptocurrency payments. Now,...

    More Crypto Regulations on Their Way, Says Head of Turkish Central Bank Explore More

    News

    Uganda Remains Greylisted by FATF for Money Laundering

    There will be no change to Uganda’s status on the “grey list” due to the countr...

    Uganda Remains Greylisted by FATF for Money Laundering Explore More

    News

    The UK Law Firms Approve the Use of AI in AML Armoury

    The Legal Sector Affinity Group is the governing body of all the UK’s legal regulatory and repres...

    The UK Law Firms Approve the Use of AI in AML Armoury Explore More

    News

    DISA is Working on a Digital Identity, Credential, and Access Management Tool

    According to Nextgov reports, the Defense Information System Agency (DISA) in the US has announce...

    DISA is Working on a Digital Identity, Credential, and Access Management Tool Explore More

    News

    Illicit Betting Report by the UK’s Gambling Industry Misguided the Regulators

    UK’s Gambling Firms are being accused of exaggerating the numbers on the black market betting rep...

    Illicit Betting Report by the UK’s Gambling Industry Misguided the Regulators Explore More

    News

    NCA Seizes Gold Bars Worth £650,000 from Money Laundering Network

    The National Crime Agency has found a forfeiture order for 15 gold bars that are worth £650,000. ...

    NCA Seizes Gold Bars Worth £650,000 from Money Laundering Network Explore More

    News

    US DOJ Stresses Disclosure of Beneficial Ownership Information to Curb Illicit Finance

    The US says that it is important for countries and governments to embrace a policy of disclosing ...

    US DOJ Stresses Disclosure of Beneficial Ownership Information to Curb Illicit Finance Explore More

    News

    Amazon Warns UK Customers Over Rising Threat of Impersonation Scams

    Amazon has cautioned UK customers about the rising threat of impersonation scams via phone calls,...

    Amazon Warns UK Customers Over Rising Threat of Impersonation Scams Explore More

    News

    Uganda Remains on FATF Graylist for Failing to Curb Money Laundering

    Uganda is still under the scrutiny of AML/CFT agencies after failing to enforce regulations in NG...

    Uganda Remains on FATF Graylist for Failing to Curb Money Laundering Explore More

    News

    13K Affected in Third-Party Data Breach at Anthem MaineHealth

    A third-party service provider accessed the database of Anthem MaineHealth and obtained patients’...

    13K Affected in Third-Party Data Breach at Anthem MaineHealth Explore More

    News

    FinTech Market Gaining Traction in Asia, Slowing Down in US

    The Financial Technology (FinTech) market is booming in Asia, especially in China according to a ...

    FinTech Market Gaining Traction in Asia, Slowing Down in US Explore More

    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

    Money Laundering Via Trade Has Drastically Fallen, Says Association of Bankers Bangladesh

    On May 22nd, the Association of Bankers, Bangladesh (ABB) reported that trade-based money launder...

    Money Laundering Via Trade Has Drastically Fallen, Says Association of Bankers Bangladesh 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