Banking on Lies: How Synthetic Identities Are Infiltrating the Financial System
NEW YORK — As global financial institutions race to digitize their services, they are also opening new doors to deception. Synthetic identities—digital constructs of entirely fabricated individuals—are being used by transnational crime syndicates, including the Kinahan Organized Crime Group (KOCG), to infiltrate the banking system.
These forgeries pass through know-your-customer (KYC) onboarding, open high-limit accounts, and enable the laundering of millions of dollars without triggering alarms.
This new wave of fraud is highly sophisticated and often undetectable by legacy systems. Financial institutions are facing urgent threats not just to compliance, but to their reputations and stability. Amicus International Consulting is working with banks, fintech firms, and regulators to deploy advanced synthetic identity detection and risk prevention strategies.
Synthetic Identities: A Trojan Horse in Modern Banking
Unlike stolen identities, which rely on co-opting real personal information, synthetic identities are created from scratch using AI-generated photos, fake credentials, and forged metadata. Once established, these personas are weaponized to: Open bank accounts across multiple jurisdictions.
Secure credit cards, loans, and even mortgages.
Move crypto into fiat via exchange platforms.
Create transaction histories to build 'legitimacy.'
Launder illicit funds under the veil of legitimacy.
A single synthetic identity can enable a criminal enterprise to move millions through bank systems, exploit government programs, and evade financial monitoring protocols.
Real-World Case Study: The Kinahan Cartel's Banking Web
In 2024, U.S. authorities uncovered a ring of synthetic identities used by Kinahan-linked proxies to open high-value accounts in Switzerland, Estonia, and the UAE. One such identity—'Aleksei Popov'—was used to: Open accounts at three banks using falsified CBI-acquired documents.
Pass KYC checks with a digitally generated passport image and facial recognition spoofing.
Funnel over USD 12.8 million in Monero proceeds from narcotics deals through various shell companies into clean Euros.
The identity was maintained for nearly 30 months without detection. It wasn't until Amicus flagged behavioural inconsistencies in transaction metadata that the network was dismantled.
How Synthetic Identities Slip Past Compliance Systems
🔍 Weaknesses in Traditional KYC: Reliance on visual ID checks (e.g., matching a selfie with a passport) can be spoofed with deep fake tools or 3d facial overlays.
Document forgery can pass verification when issued by legitimate governments under CBI programs.
Address verification using forged utility bills or prepaid phone statements can easily be faked.
🧠 Behavioural Inconsistencies Missed: Synthetic identities often exhibit abnormal transaction patterns: excessive foreign transactions, non-usage during peak times, or lack of location diversity in device usage.
These flags are often ignored unless paired with blacklist or fraud reports.
Emerging Tactics: Financial Fraud by Design
Criminals now design synthetic identities with the goal of 'aging' them over time. Tactics include: Account farming: Opening multiple bank accounts, leaving them dormant, and slowly adding transaction history.
Opening multiple bank accounts, leaving them dormant, and slowly adding transaction history. Layering financial history: Using AI tools to create plausible payroll receipts, tax filings, or invoices.
Using AI tools to create plausible payroll receipts, tax filings, or invoices. Piggybacking on real identities: Combining partial real data (e.g., a real Social Security number with a fake name) to boost credibility.
These synthetic identities are then used to pass compliance at Tier 1 banks, international crypto exchanges, and digital asset lenders.
The Cost to the Banking Industry
According to a 2024 Deloitte report: Synthetic identity fraud cost U.S. financial institutions over $6.8 billion in 2023 alone.
in 2023 alone. The average lifespan of a synthetic banking customer before detection is 16 to 24 months .
. 61% of banks admit they cannot distinguish synthetic from real identities during initial onboarding.
This represents a threat to compliance and a long-term systemic risk.
How Amicus International Is Helping Banks Fight Back
Amicus International Consulting has developed a three-layer synthetic identity detection framework, which several international banks and fintech platforms are already piloting.
1. Synthetic Risk Scoring Engine (SRSE)
Our AI model analyzes hundreds of signals from onboarding to ongoing usage to assign synthetic risk scores. Key metrics include: Facial geometry symmetry
Metadata entropy (too perfect = red flag)
Transaction velocity anomalies
Time zone/device inconsistencies
2. Deep KYC Behavioural Profiling
Instead of relying only on document verification, Amicus deploys behavioural analytics tools that detect: Unrealistic device or access patterns
Financial behaviour mismatches across customer demographics
Microtransaction layering (a standard laundering method)
3. Blockchain and Crypto Wallet Attribution
We partner with chain analysis firms to: Track wallets linked to known fraud cases.
Flag accounts funded by mixers or high-risk exchanges.
Reverse engineer funding routes that originate from synthetic applicants.
Integrating Amicus into Banking Infrastructure
Amicus is currently advising institutions in: The European Union on PSD2-compliant digital identity safeguards.
on PSD2-compliant digital identity safeguards. The UAE and Singapore on cross-border account vetting for high-net-worth clients.
on cross-border account vetting for high-net-worth clients. North American fintech startups on integrating SRSE into onboarding APIS.
Our systems are plug-and-play compatible with major KYC providers, including Jumio, Onfido, and Trulioo.
Regulatory Recommendations
Amicus advocates for: Mandatory behavioural biometrics in addition to facial ID for onboarding.
Global blacklist of synthetic identities and known fraud artifacts.
Enhanced scrutiny of crypto-fiat ramp services tied to bank accounts.
Unified CBI-KYC review systems between banks and passport-issuing jurisdictions.
Conclusion: The Synthetic Identity Threat Is Real—and Growing
In today's digital-first banking environment, criminals no longer need to break into banks. They build fake customers that walk through the front door undetected. Synthetic identity fraud is fast becoming the most advanced financial crime of the 2020s.
At Amicus International Consulting, we are not only identifying synthetic identities but eliminating the digital soil in which they grow.
📞 Contact Information
Phone: +1 (604) 200-5402
Email: info@amicusint.ca
Website: www.amicusint.ca
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Readers should refer to Asante's Management Discussion and Analysis under the heading "Non-IFRS Measures" for a more detailed discussion of how Asante calculates certain of such measures and a reconciliation of certain measures to IFRS terms. About Asante Gold Corporation Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines and continues with detailed technical studies at its Kubi Gold Project. All mines and exploration projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. The Company is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana's Golden Triangle. Additional information is available on the Company's website at About the Bibiani Gold Mine Bibiani is an operating open pit gold mine situated in the Western North Region of Ghana, with previous gold production of more than 4.5 million ounces. It is fully permitted with available mining and processing infrastructure on-site consisting of a newly refurbished 3 million tonne per annum process plant and existing mining infrastructure. Asante commenced mining at Bibiani in late February 2022 with the first gold pour announced on July 7, 2022. Commercial production was announced November 10, 2022. For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to the 2024 Bibiani Technical Report filed on the Company's SEDAR profile ( on April 30, 2024. About the Chirano Gold Mine Chirano is an operating open pit and underground mine located in the Western Region of Ghana, immediately south of the Company's Bibiani Gold Mine. Chirano was first explored and developed in 1996 and began production in October 2005. The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines. For additional information relating to the mineral resource and mineral reserve estimates for the Chirano Gold Mine, please refer to the 2024 Chirano Technical Report filed on the Company's SEDAR profile ( on April 30, 2024. For further information please contact: Dave Anthony, President and CEOFrederick Attakumah, Executive Vice President and Country Director info@ 604 661 9400 or +233 303 972 147 Cautionary Statement on Forward-Looking Statements Certain statements in this news release constitute forward-looking statements or forward-looking information. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: production, free cash flow and all-in sustaining costs forecasts for the Bibiani and Chirano Gold Mines, estimated mineral resources, reserves, exploration results and potential, development programs, expansion and mine life extension opportunities, completion and timing of plant upgrades, commencement of underground mining, and completion and timing of external financing by the Company. These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of mineralized material to be mined and processed; future anticipated prices for gold and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; risks related to increased barriers to trade, including tariffs and duties; ore grades and recoveries; capital, decommissioning and reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations, including contractual rights from third parties and adjacent property owners; whether the Company is able to maintain a strong financial condition and have sufficient capital, or have access to capital, to sustain our business and operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the duration and effect of local and world-wide inflationary pressures and the potential for economic recessions; fluctuations in the price of gold; fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships and claims by local communities; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in countries where the Company may carry on business, including legal restrictions relating to mining, risks relating to expropriation; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, the Company's inability to raise the necessary capital or to be fully able to implement its business and growth strategies, and those risk factors identified in the Company's management's discussions and analysis and the most recent annual information form. The reader is referred to the Company's public disclosure record which is available on SEDAR ( Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. LEI Number: 529900F9PV1G9S5YD446. 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