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

    2a03:2880:f800:d::

    US Launches First Criminal Prosecution for Alleged Cryptocurrency Sanctions Case

    us launches first criminal

    Criminal charges are issued by the US Justice Department for the first time for transmitting more than $10 million of Bitcoin to a virtual currency exchange sent by an American citizen to a country blacklisted by the US.

    A federal judge of the US Justice Department disclosed on Friday about launching its first criminal prosecution constituting the apparent use of cryptocurrency to avoid US economic sanctions. 

    U.S. Magistrate Judge Zia M. Faruqui of Washington, D.C., explains the reason for issuing a criminal objection against an American local involved in a virtual currency exchange worth more than $10 million of bitcoin to a country blacklisted by the US government. 

    While some legal analysts contradict that virtual money is not subject to US sanction since they are moved outside of the traditional financial system, recent action taken by the Treasury Department’s Office of Foreign Assets Control requires federal courts to find otherwise. 

    “The Department of Justice can and will continue to charge people who fail to concede with OFAC’s regulations consisting as to virtual currency” Faruqui stated. 

    The Treasury Department assessed its foremost sanctions on a cryptocurrency “mixer” that apparently aided the source of hacked funds consisting of the Lazarus Group, a North-Korean government lined network charged with robbing an estimated $1.75 billion in cryptocurrency. 

    Ari Redbord, a former senior adviser to the Treasury Department’s undersecretary for terrorism and financial intelligence proclaimed “The Justice Department will be actively looking to go after actors allegedly involved in cryptocurrency exchange, but it is also hard for cryptocurrency to evade sanctions”. 

    US authorities issued charges in March after disclosing that a blacklisted country has set up a Pay-Pal type payment platform with the help of the defendant. Investigators utilized sophisticated blockchain analysis tools to trace that person’s action by accessing their internet address along with extracting details from the US financial institutions used by the suspect to fund its first exchange. Moreover, the offender stated that it could be using bitcoins while knowing that a specific country was sanctioned. 

    US entities collected the legally required information about the defendant by utilizing “Know Your Customer” service. Faruqui concluded by claiming that the attack violated US law and the person faces liability for causing the two exchanges to transgress sanctions. 

    Suggested Read: Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA

    Related Posts

    News

    The EU and UK Announce Major Regulatory Reforms to Safeguard Crypto-Assets

    EU implements unified crypto-asset regulations, MiCA, and incorporates Travel Rule to secure cryp...

    The EU and UK Announce Major Regulatory Reforms to Safeguard Crypto-Assets Explore More

    News

    Morocco’s Parliament Unanimously Approves the Bill to Amend AML Regulations

    The House of Representatives of Morocco has unanimously agreed to pass the bill to amend the anti...

    Morocco’s Parliament Unanimously Approves the Bill to Amend AML Regulations Explore More

    News

    DOJ Arrested Three Individuals In A $722 Million Cryptocurrency Ponzi Scheme

    The Department of Justice arrested three men on Tuesday, December 10, on charges of running an el...

    DOJ Arrested Three Individuals In A $722 Million Cryptocurrency Ponzi Scheme 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

    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

    UK Government to Crackdown Corruption Under New AML laws

    Overseas firms owning land in the UK need to publicly declare the owners, under the new UK laws t...

    UK Government to Crackdown Corruption Under New AML laws Explore More

    News

    Blue Star Planet to Pay £620,000 for AML Failures Uncovered by Gambling Commission

    Blue Star Planet which was trading as 10Bet to pay £620,000 ($746,716) after it was found guilty ...

    Blue Star Planet to Pay £620,000 for AML Failures Uncovered by Gambling Commission Explore More

    News

    BitMEX Founders Admit Violating Anti-Money Laundering Regulations

    Two of the co-founders of crypto exchange BitMEX Arthur Hayes and Benjamin Delo have pleaded guil...

    BitMEX Founders Admit Violating Anti-Money Laundering Regulations Explore More

    News

    Ripple CEO urges US Regulators to embrace Crypto

    Brad Garlinghouse, CEO Ripple has encouraged the US regulator “to step up and lean into digital c...

    Ripple CEO urges US Regulators to embrace Crypto Explore More

    News

    UAE Issues $1.048 Billion Worth of Fines for Money Laundering & Terrorism Financing

    UAE’s Executive Office to Combat Money Laundering and Terrorist Financing has claimed to collect ...

    UAE Issues $1.048 Billion Worth of Fines for Money Laundering & Terrorism Financing Explore More

    News

    Australia Lags Behind in Extending FATF’s AML/CFT Recommendations to DNFBPs

    Australia is sending a signal to welcome global financial criminals for business in its lawyers, ...

    Australia Lags Behind in Extending FATF’s AML/CFT Recommendations to DNFBPs Explore More

    News

    Japanese Gaming Giant Capcom Fell Victim to Cyberattacks

    The famous gaming giant, Capcom, is being blackmailed by cyberattackers to pay $11 million bitcoi...

    Japanese Gaming Giant Capcom Fell Victim to Cyberattacks 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

    The UAE Central Bank Revokes Dirham Exchange’s Licence for AML Misconduct

    Dirham Exchange, an exchange house based in the UAE, has had its licence revoked by The UAE Centr...

    The UAE Central Bank Revokes Dirham Exchange’s Licence for AML Misconduct Explore More

    News

    Data Security at Risk Due to the Fake Lending Apps

    Gained network access, pictures, and contact information are at threat due to the fake lending ap...

    Data Security at Risk Due to the Fake Lending Apps Explore More

    News

    Taiwan Initiates Industry Association to Regulate Cryptocurrency Sector

    Nine crypto exchange platforms formed a group to create an industry association to regulate Taiwa...

    Taiwan Initiates Industry Association to Regulate Cryptocurrency Sector Explore More

    News

    Bulgarian Prosecutors Investigate Crypto Lender Nexo for Alleged Illegal Activities

    Bulgarian officers have launched an investigation against Nexo as the crypto Lender was involved ...

    Bulgarian Prosecutors Investigate Crypto Lender Nexo for Alleged Illegal Activities Explore More

    News

    CBUAE Revokes Dollar Exchange’s Licence over Regulatory Misconduct

    The UAE Central Bank has revoked the licence of a dollar exchange house after it failed to keep a...

    CBUAE Revokes Dollar Exchange’s Licence over  Regulatory  Misconduct Explore More

    News

    Japan to Form Specialized AML/CFT Team in Response to FATF Review

    Japan has been advised by the FATF to enhance cross-agency coordination and overcome barriers of ...

    Japan to Form Specialized AML/CFT Team in Response to FATF Review Explore More

    News

    China Strides Forwards with New KYC Rules to Rein Money laundering

    China is stepping up to fight its long-running battle against financial crimes such as money laun...

    China Strides Forwards with New KYC Rules to Rein Money laundering Explore More

    News

    FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations

    The Financial Market Authority (FMA) has issued a formal warning to Pencarrow Private Equity Mana...

    FMA Gives Red Signal to Pencarrow Private Equity for AML/CTF Violations Explore More

    News

    $8M seized, Four Arrested for Money Laundering Activities Across Sydney

    The Sydney law enforcement authorities seized more than $8 million in cash and arrested four crim...

    $8M seized, Four Arrested for Money Laundering Activities Across Sydney 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

    Irish Police warns about the latest internet fraud

    The local Irish police (Gardai) is persuading people not to fall prey to the recent online bankin...

    Irish Police warns about the latest internet fraud Explore More

    News

    Bahrain sentences three money-laundering suspects to prison

    Bahrain fined three suspects of $9 million and sentenced them to prison in the Future Bank case. ...

    Bahrain sentences three money-laundering suspects to prison Explore More

    News

    Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks

    A Columbian drug cartel’s scheme was busted by the federal prosecutors who moved millions through...

    Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks 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

    CBUAE Revokes Dollar Exchange’s Licence over Regulatory Misconduct

    The UAE Central Bank has revoked the licence of a dollar exchange house after it failed to keep a...

    CBUAE Revokes Dollar Exchange’s Licence over  Regulatory  Misconduct Explore More

    News

    Increasing Financial Crimes Call to Establish a European Center of Excellence For AML Compliance

    EU financial and anti-financial crime regulations are more complicated than before and they reinf...

    Increasing Financial Crimes Call to Establish a European Center of Excellence For AML Compliance Explore More

    News

    Drug Trade Proceeds Laundered Through Digital Currency ATMs, Says DEA

    According to the U.S Drug Enforcement Administration’s report, digital currency ATMs are growingl...

    Drug Trade Proceeds Laundered Through Digital Currency ATMs, Says DEA Explore More

    News

    Hacker steals $250K by exploiting Bitcoin exchange Bisq

    A hacker identified a significant software flaw on the decentralized Bitcoin exchange, Bisq, to s...

    Hacker steals $250K by exploiting Bitcoin exchange Bisq Explore More

    News

    US Firm Fined with Half a Million Dollars for Violating US Sanctions

    A crypto firm, BitPay will now have to pay a fine of half a million dollars to the U.S Treasury’s...

    US Firm Fined with Half a Million Dollars for Violating US Sanctions Explore More

    News

    FATF Highlights the Increasing Risk of Trade-Based Money Laundering

    FATF- Financial Action Task Force is warning businesses of the risk they face regarding trade-bas...

    FATF Highlights the Increasing Risk of Trade-Based Money Laundering Explore More

    News

    59 Arrested in Vietnam Crackdown on Illegal Crypto Gambling Group

    Law enforcement bodies arrested 59 Vietnamese in illicit gambling schemes and were suspected of $...

    59 Arrested in Vietnam Crackdown on Illegal Crypto Gambling Group Explore More

    News

    India to Introduce Physical Cryptocurrency Bank Branches

    India has been rapidly adopting the changes in the digital world and introducing physical banks f...

    India to Introduce Physical Cryptocurrency Bank Branches Explore More

    News

    Buy Now Pay Later Service Openpay Warned for AML Violations

    Te Tari Taiwhenua, the Department of Internal Affairs, has issued a warning to an Australian Buy ...

    Buy Now Pay Later Service Openpay Warned for AML Violations Explore More

    News

    Hong Kong Amends AML/CTF Laws to Include Crypto Exchanges

    Hong Kong’s legislative council has amended its Anti Money Laundering and  Countering Terrorist F...

    Hong Kong Amends AML/CTF Laws to Include Crypto Exchanges Explore More

    News

    Despite KYC, Dutch Central Bank Struggles over Crypto Ownership Records

    Despite the strict measures for KYC requirements, the Central Bank of the Netherlands is still mu...

    Despite KYC, Dutch Central Bank Struggles over Crypto Ownership Records Explore More

    News

    Crypto exchange owner admits laundering $1.8M in online auctions fraud

    Vlad-Calin Nistor and 14 other accused, including the owner of a car wash, have all entered guilt...

    Crypto exchange owner admits laundering $1.8M in online auctions fraud Explore More

    News

    Brazilian Police Confiscates $33 M in Crypto Money Laundering Probe

    Brazilian authorities have seized R$172 million from an investigation carried out into money laun...

    Brazilian Police Confiscates $33 M in Crypto Money Laundering Probe Explore More

    News

    New South Wales (NSW) Government to Make Poker Machine Reforms after Victoria Introduces Strict Anti-Money Laundering Restrictions

    The New South Wales (NSW) government of Australia continues to pressure gambling companies to str...

    New South Wales (NSW) Government to Make Poker Machine Reforms after Victoria Introduces Strict Anti-Money Laundering Restrictions Explore More

    News

    FINMA Allows Chip Scanning and Geolocation for Digital Customer Onboarding

    The FINMA now enables the scanning of microchips inserted in biometric ID documents as an element...

    FINMA Allows Chip Scanning and Geolocation for Digital Customer Onboarding Explore More

    News

    BitGo settles with US Treasury; Sanctions Violations will Cost $98,830

    The U.S. Treasury has settled with BitGo over costs that it helped users in authorised divisions ...

    BitGo settles with US Treasury; Sanctions Violations will Cost $98,830 Explore More

    News

    MGA to Introduce Detailed Player Protection Guidelines for Responsible Gambling

    Malta Gaming Authority is set to introduce player protection guidelines after being placed on the...

    MGA to Introduce Detailed Player Protection Guidelines for Responsible Gambling 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

    Hong Kong Arrests 13 in HK$53 million Money Laundering Case

    13 people in Hong Kong have been arrested for money laundering and operating illegal gambling sit...

    Hong Kong Arrests 13 in HK$53 million Money Laundering Case Explore More

    News

    Data Breach Exposes 515,000 IDs, More Cases of Synthetic ID Fraud to be Expected?

    Hackers broke into the servers at the International Committee of the Red Cross and accessed perso...

    Data Breach Exposes 515,000 IDs, More Cases of Synthetic ID Fraud to be Expected? Explore More

    News

    Despite the Concerns, Arizona Bans Vaccine Passports for Government

    Governor of Arizona, Doug Ducey has restricted the local and state government agencies from askin...

    Despite the Concerns, Arizona Bans Vaccine Passports for Government Explore More

    News

    Switzerland Introduces New Regulations To Clamp Down on Money Laundering

    Switzerland proposed new Anti-Money Laundering (AML) regulations to crack down on money launderin...

    Switzerland Introduces New Regulations To Clamp Down on Money Laundering Explore More

    News

    FBI Warns of Tech Support Scammers Compromising Financial Accounts

    The Boston Division of the Federal Bureau of Investigation (FBI) has warned of an increase in num...

    FBI Warns of Tech Support Scammers Compromising Financial Accounts 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

    Turkish President Announces New Crypto Bill to Legalize Virtual Assets

    Turkey’s Parliament to announce the cryptocurrency bill in the coming weeks. Legal framework will...

    Turkish President Announces New Crypto Bill to Legalize Virtual Assets Explore More

    News

    Conveyancers Used for Laundering Millions of Pounds across the UK

    Government warns that hundreds of millions of pounds are being laundered by criminals across the ...

    Conveyancers Used for Laundering Millions of Pounds across the UK Explore More

    News

    USD 10.4 Billion Paid by Financial Groups in 2020 in Regulatory Fines

    Know Your Customer and Anti-money Laundering non-compliance penalties rose 26% this year. Many pr...

    USD 10.4 Billion Paid by Financial Groups in 2020 in Regulatory Fines Explore More

    News

    UK MPs Call for Improved Crypto Regulations to Prevent Losses

    Ministers of the UK Parliament are calling for more rigid cryptocurrency regulations from the ASA...

    UK MPs Call for Improved Crypto Regulations to Prevent Losses Explore More

    News

    Fraudsters are all set to exploit Black Friday sales. Beware!

    Criminals are aware that at this time of the year, shoppers are looking for discounted deals and ...

    Fraudsters are all set to exploit Black Friday sales. Beware! Explore More

    News

    Taiwan Finalise New Regulations for Offshore Crypto Exchanges

    Taiwan is set to disclose new obligations for offshore crypto exchange companies, with rigid Anti...

    Taiwan Finalise New Regulations for Offshore Crypto Exchanges Explore More

    News

    Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources

    Principal Secretary for Internal Security, Dr Raymond Omollo, has sent a directive to Non-Governm...

    Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources Explore More

    News

    US Government Looking to Develop Vaccine Passports as Proof of Vaccination

    The US government is looking to develop a system that would manage the credentials and verify the...

    US Government Looking to Develop Vaccine Passports as Proof of Vaccination Explore More

    News

    FSA Japan Considers Imposing Stricter Regulation on Cryptocurrency

    The updated regulation will be designed to provide better protection to Japanese investors. Accor...

    FSA Japan Considers Imposing Stricter Regulation on Cryptocurrency Explore More

    News

    EU Endorses New Crypto Tax Data Sharing Rules

    Strict obligations are set to be implemented in the EU’s digital assets industry. Tax authorities...

    EU Endorses New Crypto Tax Data Sharing Rules Explore More

    News

    FCIU Uncovers Money Laundering Patterns Through Social Media Scams

    South Yorkshire law enforcement authority has seized EUR 70,000 placed in the illicit gambling ac...

    FCIU Uncovers Money Laundering Patterns Through Social Media Scams Explore More

    News

    Dubai Police Monitors Cryptocurrencies for Prevention of Money Laundering

    The cybercrime unit of Dubai Police has started monitoring cryptocurrencies to ensure that digita...

    Dubai Police Monitors Cryptocurrencies for Prevention of Money Laundering Explore More

    News

    MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols

    Over 100 companies were either turned down or had to withdraw their applications for a license to...

    MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols 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

    Hacker attempts to steal crypto via fake Google Chrome extensions

    A hacker is exploiting trust in renowned brands by creating fake cryptocurrency wallet extensions...

    Hacker attempts to steal crypto via fake Google Chrome extensions Explore More

    News

    Canada to Update AML Laws for Payments Services, FinTechs and Crowdfunding Platforms

    The Canadian government’s federal budget announced that new regulations will be implemented to up...

    Canada to Update AML Laws for Payments Services, FinTechs and Crowdfunding Platforms 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

    EBRD and Central Bank of Jordan Raise Awareness Against Financial Crime

    EBRD and the Central bank of Jordan join hands in running campaigns to raise awareness for the tr...

    EBRD and Central Bank of Jordan Raise Awareness Against Financial Crime Explore More

    News

    New AML Reforms ‘Tranche 1.5’ Take Effect in Australia

    In an attempt to streamline customer verification and correspondent banking, AUSTRAC has issued r...

    New AML Reforms ‘Tranche 1.5’ Take Effect in Australia Explore More

    News

    Lloyds Bank Charged with £500K Fine for Breach of Financial Regulatory Standards

    Lloyds Bank corporate markets jersey received a fine of £498,000 in relation to the dealings with...

    Lloyds Bank Charged with £500K Fine for Breach of Financial Regulatory Standards Explore More

    News

    Saudi Central Bank Instruct Banks to Combat Financial Crimes

    According to the Central Bank of Saudi Arab, the fraudulent operations are linked with the money ...

    Saudi Central Bank Instruct Banks to Combat Financial Crimes 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