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

    40.77.167.11

    US Blocks Tornado Cash Investors for Money Laundering Risks & Links to Korean Hackers

    n-img-us

    The United States has frozen the assets of crypto investors from Tornado Cash Service, saying it helps cyber criminals to launder money.

    According to a Senior Treasury Department official, over $7 billion of cryptocurrency has been laundered by North Korean hackers via the Tornado Cash service since 2019. Tornado Cash is a so-called mixer, that manipulates the stream of digital currency to cover their origins and improve anonymity.

    The move generally bans Americans from using the service. Jerry Brito, from the Washington DC-based cryptocurrency thinktank “CoinCenter” tweeted that the move “appears to be sanctioning a tool that is neutral in character and can be put to good or bad uses like any other technology.”

    The Lazarus Group, a hacker collective funded by the North Korean government, allegedly moved at least $455 million through Tornado Cash, according to the US Treasury. Due to its involvement in numerous prior data breaches, including the 2014 attack on Sony Pictures, the group is already subject to US penalties.

    According to the Treasury, Tornado Cash was also used to launder roughly $100 million from a hack of virtual currency company Harmony in June. Pyongyang denies the claims, and the North Korean delegation to the UN in New York has not responded.

    Roman Semenov, the founder of Tornado Cash, tweeted that his account had also been suspended on the website GitHub and questioned whether it was now against the law to write open source code.

    Dr Aaron Lane, a senior research fellow at the blockchain innovation cluster at the Royal Melbourne Institute of Technology, told ABC News that the action would reveal trustworthy cryptocurrency investors.

    “It’s a tool which people use legitimately. Can you use it illegitimately? Yes. But I’d be worried about honest users who will not be able to withdraw funds or worse … possibly face criminal sanctions,” he said. 

    “That’s probably not the intention, but it is one of the consequences.

    “Crypto is actually straightforward to track. Whereas bank accounts are protected, I can see where you’ve transferred funds in a crypto explorer with a few clicks of a button. Without these tools, your privacy is at risk.”

    Despite being asked to make changes, criminal activity on Tornado Cash had continued, the Treasury official said, Triggering Monday’s decision to impose measures.

    In May, the Treasury also targeted another service, Blender, the first case of a Micer facing sanctions. Hackers have long plagued crypto platforms, and other experts say Tornado Cash has played a role.

    “Tornado is a popular and important tool for cybercriminals and state-backed hacking groups,” said Dr Tom Robinson of cryptocurrency analytics firm Elliptic.

    “In total, (our) analysis shows that at least $1.3 billion in proceeds of crime, such as ransomware, hacks and fraud, have been laundered through Tornado Cash.”

    Dr Aaron Lane said that the US move represented the “regulation through enforcement action”

    “The regulatory settings in the US and elsewhere are such that there is uncertainty, and the real solution is to have legislators pass bills in Congress.”

    Suggested Read: US Court Sentences Nigerian FinTech Executives for Money Laundering Worth $167 Million

    Related Posts

    News

    FCA Fines Bastion Capital For Serious AML Failings

    The Financial Conduct Authority (FCA) has imposed a fine on Bastion Capital London for serious AM...

    FCA Fines Bastion Capital For Serious AML Failings Explore More

    News

    Data of Half-Million Chicago Students Exposed in a Ransomware Attack

    The personal information of more than half a million Chicago students and the staff was accessed ...

    Data of Half-Million Chicago Students Exposed in a Ransomware Attack Explore More

    News

    New US Legislation Implemented to Enhance Supervision of Cryptocurrency Transactions

    US lawmakers introduced a new bill, the “Off-Chain Digital Commodity Transaction Reporting Act,” ...

    New US Legislation Implemented to Enhance Supervision of Cryptocurrency Transactions Explore More

    News

    South Africa Introduces Biometric Child Registration To Stop ID Theft

    The Department of Home Affairs (DHA) in South Africa recently introduced a new method of biometri...

    South Africa Introduces Biometric Child Registration To Stop ID Theft 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

    Homeland Security Wants Facial Recognition For All Entering or Leaving US

    The federal government is considering changing airport security in a major way. Facial recognitio...

    Homeland Security Wants Facial Recognition For All Entering or Leaving US Explore More

    News

    UAE Issues Deadline for Businesses to Register for AML System

    The Ministry of Economy has highlighted the businesses that must register for the AML system. All...

    UAE Issues Deadline for Businesses to Register for AML System Explore More

    News

    EU Money Laundering Overhaul Should Include NFT Platforms, Lawmakers Say

    The two crypto legislation adopted last week did not include unhosted wallets and decentralised f...

    EU Money Laundering Overhaul Should Include NFT Platforms, Lawmakers Say Explore More

    News

    Macau to Introduce Digital Currency to Combat AML Threats in Casinos

    Macau is moving towards introducing digital currency to fight money laundering and tax evasion in...

    Macau to Introduce Digital Currency to Combat AML Threats in Casinos 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

    Council of Europe Urges Montenegro to Step Up AML Measures

    The Council of Europe stated in a recent report that Montenegro lacks sufficient measures to inve...

    Council of Europe Urges Montenegro to Step Up AML Measures Explore More

    News

    BC Law Society Holds Honorary Consul of Ukraine Accountable for Failure to Prevent Money Laundering

    BC Law Society holds Ukraine’s Honorary Consul accountable for failing to prevent money launderin...

    BC Law Society Holds Honorary Consul of Ukraine Accountable for Failure to Prevent Money Laundering Explore More

    News

    Bank of Valletta Fined EUR 2.6 Million for UBOs Reporting Failure

    FIAU imposed a penalty of EUR 2.6 million on the Bank of Valletta for failing to report Beneficia...

    Bank of Valletta Fined EUR 2.6 Million for UBOs Reporting Failure Explore More

    News

    Crypto and Forex Scams Cost Belgian Investors $12 Million

    According to the Belgian financial watchdog, fraudsters stole approximately $12 million from the ...

    Crypto and Forex Scams Cost Belgian Investors $12 Million Explore More

    News

    FATF Issues New Guidance on Mitigating Proliferation Financing Risk

    The new guidance puts a spotlight on the need for effective onboarding processes, ongoing monitor...

    FATF Issues New Guidance on Mitigating Proliferation Financing Risk Explore More

    News

    SEC & NYDFS Oppose Binance $1 Billion Voyager Deal

    The Securities and Exchange Commission and the New York Department of Financial Services have spo...

    SEC & NYDFS Oppose Binance $1 Billion Voyager Deal Explore More

    News

    Bithumb, Coinone and Korbit Team Up for FATF Travel Rule Compliance

    Bithumb, Coinone and Korbit have founded a joint venture to facilitate all efforts for maintainin...

    Bithumb, Coinone and Korbit Team Up for FATF Travel Rule Compliance Explore More

    News

    A Treasury Unit to Enforce New Anti-Money Laundering Laws in the US

    A small bureau of the U.S Treasury Department will take a lead, over the next year, in filling ou...

    A Treasury Unit to Enforce New Anti-Money Laundering Laws in the US Explore More

    News

    The Ringleader of a Crypto-Ponzi Scheme Arrested After a Flee Attempt

    Mathew Piercey, a Ponzi scheme leader who defrauded $35 million for crypto mining and other inves...

    The Ringleader of a Crypto-Ponzi Scheme Arrested After a Flee Attempt Explore More

    News

    Money Service Businesses Tighten AML/CFT Measures Amid Challenges

    Microfinance firms, remittance services, and cambios have reported success in upgrading AML/CFT m...

    Money Service Businesses Tighten AML/CFT Measures Amid Challenges Explore More

    News

    Nepal Approves Anti-Money Laundering Bill to Comply with International Standards

    Nepal endorsed an anti-money laundering bill as the initial step to combat financial crime and en...

    Nepal Approves Anti-Money Laundering Bill to Comply with International Standards Explore More

    News

    Large Korean bank to pay a huge fine for violating AML law

    NEW YORK, April 20 (Reuters) – Industrial Bank of Korea 024110.KS, one of South Korea’...

    Large Korean bank to pay a huge fine for violating AML law Explore More

    News

    SFC Imposed a HK$9 Fine on RIFA Future for KYC Failings

    RIFA Limited was charged by the domestic regulatory authority of Hong Kong, the Securities and Fu...

    SFC Imposed a HK$9  Fine on RIFA Future for KYC Failings Explore More

    News

    Ransomware attack on insurance MSP Xchanging affects customers

    DXC Technology, a global IT solutions provider reported a ransomware attack to the US Exchange Co...

    Ransomware attack on insurance MSP Xchanging affects customers Explore More

    News

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

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

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

    News

    Saudi Arabia Uncovers Massive Fraud worth SR11.5 Billion

    Law enforcement authorities in Saudi Arabia arrested at least 32 suspects including businessmen, ...

    Saudi Arabia Uncovers Massive Fraud worth SR11.5 Billion Explore More

    News

    EBA revised its guidelines on ML/FT risk factors

    The European Banking Authority (EBA) issued revised money laundering and terrorist funding (ML/TF...

    EBA revised its guidelines on ML/FT risk factors Explore More

    News

    Wealthy Americans Targeted by U.S. in Panama Tax-fraud Probe

    Financial authorities in the US obtained a legal mandate to acquire information about wealthy cit...

    Wealthy Americans Targeted by U.S. in Panama Tax-fraud Probe Explore More

    News

    Regulatory Authorities to File a New Bill to Secure the Citizens from Cyber Criminal Activities

    Senator Estrada filed a bill to protect senior citizens unfamiliar with modern technology from cy...

    Regulatory Authorities to File a New Bill to Secure the Citizens from Cyber Criminal Activities Explore More

    News

    e-KYC services introduced in Malaysia by InstaREM

    Residents and expatriates in Malaysia can now make overseas payments safely and regularly through...

    e-KYC services introduced in Malaysia by InstaREM Explore More

    News

    The State Bank of Vietnam Demands More Freedom and Power to be Granted to the Anti-Money Laundering Bureau

    The State Bank of Vietnam (SBV) requested the government to enhance security by providing more fr...

    The State Bank of Vietnam Demands More Freedom and Power to be Granted to the  Anti-Money Laundering Bureau Explore More

    News

    Major US Twitter accounts hacked in Bitcoin scam

    Billionaires Elon Musk, Jeff Bezos, Barack Obama, Joe Biden and Bill Gates are among the many US ...

    Major US Twitter accounts hacked in Bitcoin scam Explore More

    News

    Botswana Passes New Cryptocurrency Bill, Aiming to Curb Money Laundering

    Another African country, Botswana has taken a significant step towards regulating cryptocurrency ...

    Botswana Passes New Cryptocurrency Bill, Aiming to Curb Money Laundering Explore More

    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

    Updated Crypto AML Rule in South Korea Set to Take Effect from 25th March

    South Korea’s official financial regulatory body, the Financial Services Commission (FSC), announ...

    Updated Crypto AML Rule in South Korea Set to Take Effect from 25th March Explore More

    News

    FEMA Confirms Seizure of 288 Crore Funds of Chinese-owned NBFC

    The FEMA has confirmed the seizure of 288 crores worth of funds of a “Chinese-owned” ...

    FEMA Confirms Seizure of 288 Crore Funds of Chinese-owned NBFC Explore More

    News

    Nigerian Central Bank Announces Latest Guidelines to Combat Money Laundering

    The Central Bank of Nigeria ordered all customers to link their Bank Verification Number (BVN) an...

    Nigerian Central Bank Announces Latest Guidelines to Combat Money Laundering 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

    European Banking Authority Publishes Final Guidelines on Remote Customer Onboarding

    The European Banking Authority (EBA) has issued its final policies on remote customer onboarding ...

    European Banking Authority Publishes Final Guidelines on Remote Customer Onboarding 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

    Lithuanian Government Approves Amendment to Strengthen Digital Currency Regulations

    Lithuania is on the verge of becoming the first country in Europe to pass strict laws on digital ...

    Lithuanian Government Approves Amendment to Strengthen Digital Currency Regulations Explore More

    News

    HKMA Fines Four Banks with $5.7 Million for AML Failings

    Hong Kong’s financial regulator has imposed fines on four banks with a combined amount of $5.7 mi...

    HKMA Fines Four Banks with $5.7 Million for AML Failings Explore More

    News

    Former NFL Player Guilty of Identity Theft, COVID-19 Relief Fraud

    Ex NFL player has been found guilty to one count of unauthorized access device fraud and one coun...

    Former NFL Player Guilty of Identity Theft, COVID-19 Relief Fraud Explore More

    News

    FCA Hints Why only 15% of Crypto Firms Received Regulatory Approval

    The UK financial watchdog has approved only 41 registration applications of crypto firms out of 3...

    FCA Hints Why only 15% of Crypto Firms Received Regulatory Approval Explore More

    News

    FATF Calls for Tighter Regulations to Fill Voids in Virtual Asset Compliance

    The Financial Action Task Force (FATF) highlighted a regulatory gap in the compliance system for ...

    FATF Calls for Tighter Regulations to Fill Voids in Virtual Asset Compliance Explore More

    News

    FCA Fines Santander and Metro Bank for AML Compliance Gaps

    The financial market regulator FCA has found compliance gaps in Anti Money Laundering (AML) syste...

    FCA Fines Santander and Metro Bank for AML Compliance Gaps Explore More

    News

    EU’s decision to ban Facial Recognition for five years divides the tech giants

    Facial recognition is emerging as a conflicting technology causing key disagreement among the wor...

    EU’s decision to ban Facial Recognition for five years divides the tech giants Explore More

    News

    UAE Authorities to Coordinate Efforts Against ML/TF Among NPOs

    The UAE’s Ministry of Community Development and the Financial Intelligence Unit have established ...

    UAE Authorities to Coordinate Efforts Against ML/TF Among NPOs Explore More

    News

    FATF Publishes Two New Updates on Global ML/TF Risks

    FATF, the international group that makes global Anti-Money Laundering and Countering Terrorism Fi...

    FATF Publishes Two New Updates on Global ML/TF Risks Explore More

    News

    The Next Big Step- Blockchain-Based E-voting

    A Japanese firm, Layer X labs, has decided to work on the development of voting electronically by...

    The Next Big Step- Blockchain-Based E-voting 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

    Deutsche Bank Pays $130M to Avoid Corrupt Payment Charges

    Deutsche Bank, a German investment bank, has agreed to pay the fine of $130 million to settle the...

    Deutsche Bank Pays $130M to Avoid Corrupt Payment Charges Explore More

    News

    ICAIE Issues Report on Trade-Based Money Laundering in Free Trade Zones, Ports, & Safe Havens

    The ICAIE released a new report called “The Dark Side of Illicit Economies and TBML: Free T...

    ICAIE Issues Report on Trade-Based Money Laundering in Free Trade Zones, Ports, & Safe Havens Explore More

    News

    Bank of Lithuania Open Probe on UK Fintech over Alleged Money Laundering

    Bank of Lithuania is reportedly investigating UK fintech Railsr over Anti-Money Laundering and Co...

    Bank of Lithuania Open Probe on UK Fintech over Alleged Money Laundering Explore More

    News

    Queensland Launches New Inquiry into Star Entertainment’s Money Laundering Controls

    Queensland initiates a new investigation to examine the money laundering controls of the Gambling...

    Queensland Launches New Inquiry into Star Entertainment’s Money Laundering Controls Explore More

    News

    Westpac to Pay Penalties Totalling $113 Million for “Poor Compliance Culture”

    Australian corporate watchdog imposed $113 million fine on Westpac bank for charging dead people ...

    Westpac to Pay Penalties Totalling $113 Million for “Poor Compliance Culture” Explore More

    News

    South Africa links fintech startups with financial regulators

    South Africa’s financial regulators have initiated the Inter-governmental Fintech Working Group (...

    South Africa links fintech startups with financial regulators Explore More

    News

    FATF Removes Malta From gray List of Untrustworthy Financial Jurisdictions

    After one year of being included in the FATF grey list, the global action committee has voted Mal...

    FATF Removes Malta From gray List of Untrustworthy Financial Jurisdictions Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS fined multiple financial institutions over $1.5 billion for not complying wit...

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Explore More

    News

    Beware: Vaccine-phishing scams have risen by 500 percent

    Vaccine-phishing scams have increased by 530 per cent, as stated by a new study by Unit 42, the P...

    Beware: Vaccine-phishing scams have risen by 500 percent 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

    FBI Expands its Corruption Unit to Closely Monitor Illicit Activities

    The Federal Bureau of Investigation (FBI) has stepped in, to monitor international corruption by ...

    FBI Expands its Corruption Unit to Closely Monitor Illicit Activities Explore More

    News

    UAE Central Bank Fines Firm $490,000 for Violating AML/CFT laws

    The UAE’s Central Bank has charged a financial firm Dh1.8 million ($490,000) over breaching the c...

    UAE Central Bank Fines Firm $490,000 for Violating AML/CFT laws Explore More

    News

    TRS Requires Trusts to Meet Anti-money Laundering and CTF Compliance.

    As per the new UK government requirements, anti-money laundering and counter-terrorist financing ...

    TRS Requires Trusts to Meet Anti-money Laundering and CTF Compliance. Explore More

    News

    A Ponzi Scheme of $2.7 Million Unleashed

    According to the U.S Department of Justice, a former attorney from Allentown was sentenced to six...

    A Ponzi Scheme of $2.7 Million Unleashed Explore More

    News

    National Assembly Passes Revised AML Law and Thrift Practice Resolution

    The National Assembly (NA) has passed the revised law on Money Laundering Prevention and Control ...

    National Assembly Passes Revised AML Law and Thrift Practice Resolution Explore More

    News

    Ransomware Targets Outdated Microsoft Excel Macros to Deploy Attacks

    Microsoft Security Intelligence notified users of a type of ransomware, called Avaddon, that uses...

    Ransomware Targets Outdated Microsoft Excel Macros to Deploy Attacks Explore More

    News

    Google Pay Transactions Just Got More Secure

    Previously, when you used Google Pay for transactions, it would only ask you to enter your PIN. A...

    Google Pay Transactions Just Got More Secure Explore More

    News

    FATF Issues New Guidance on Mitigating Proliferation Financing Risk

    The new guidance puts a spotlight on the need for effective onboarding processes, ongoing monitor...

    FATF Issues New Guidance on Mitigating Proliferation Financing Risk Explore More

    News

    FATF to “Gray List” UAE for AML Failings

    The Financial Action Task Force (FATF) is considering adding the United Arab Emirates to its gray...

    FATF to “Gray List” UAE for AML Failings Explore More

    News

    Shufti introduces react native app for customer convenience

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

    Shufti introduces react native app for customer convenience Explore More

    News

    Florida House Speaker Votes to Restrict Minors’ Access to Social Media Platforms Via Age Verification Checks

    Florida House votes to mandate social media platforms to implement rigid age verification checks,...

    Florida House Speaker Votes to Restrict Minors’ Access to Social Media Platforms Via Age Verification Checks 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