top of page

On Misuse of Programmes:
Citizenship By Investment

The Financial Action Task Force (FATF) and Organisation for Economic Co-operation and Development (OECD) have recently released a joint report titled "Misuse of Citizenship and Residency by Investment Programmes." This report delves into the risks associated with Citizenship and Residency by Investment (CBI/RBI) programs.

Among topics explored were issues such as money laundering, financial crimes, foreign bribery, fraud, and corruption, along with their implications for public integrity, taxation, and migration dynamics.

Understanding the Risks Tens of thousands of individuals take advantage of these programs annually, creating a lucrative market vulnerable to criminal exploitation.

Criminal actors leverage these programs to facilitate illicit activities, ranging from identity laundering to hiding assets offshore.

Mitigating and Preventive Measures

To address the identified risks, the report also proposed a comprehensive set of mitigation measures and good practices.

In the face of such concerns, due diligence and expediting background checks for accurate risk identification becomes paramount. Responsible adoption of technology and collaborative efforts within the industry are vital to ensuring that investment migration not only fuels economic growth but also maintains a secure and trustworthy environment.

Take the initiative with Artemis 3.0

Artemis 3.0 enhances your compliance process, empowering organisations to proactively reduce vulnerabilities by flagging suspicious applicants or clients. This is particularly crucial in identifying individuals looking to exploit Citizenship and Residency by Investment Programmes, masking their identity with multiple citizenships from a more reputable country to evade scrutiny.

According to Artemis' risk scoring methodology, certain jurisdictions like Vanuatu, St. Kitts & Nevis, Türkiye, and Cambodia will be deemed riskier, resulting in lower scores. If an assessed individual resides in a lower-risk location but holds a nationality from these riskier jurisdictions, Artemis will instead adopt a more risk-averse outcome.

Through the alignment of profile data and the application of our advanced risk algorithm, Artemis delivers results by providing you a better and more precise risk assessment outcome.


About Cynopsis Solutions   

Cynopsis Logo

Cynopsis Solutions helps companies digitise and automate AML/KYC compliance processes. Our focus is on know-your-customer, anti-money laundering, and counter-terrorism financing.Cynopsis Solutions’ accolades include MAS FinTech Awards, RegTech100, and Financial Times Top 50 High Growth Companies in APAC.

Our end-to-end KYC/AML solutions are designed according to the global FATF recommendations and applicable in more than 180 jurisdictions.We've helped firms across various industries, not limited to Banking and Financial Services, Property Development FinTech, Cryptocurrency, Professional Services and Gaming sectors.

bottom of page