Whether it is updates about Truth Technologies or news about things happening in financial crime, you can find the information here.

20Sep 2019

Former UAW Official Pleads Guilty to Fraud and Money Laundering

By |September 20th, 2019|Categories: Article Summaries|0 Comments

The United Auto Workers (UAW) union have been in the news a lot lately due to their protests and negotiations with General Motors. Earlier this month, UAW was featured in the news for a different reason. Michael Grimes, a former UAW official, pleaded guilty to charges of wire fraud and money laundering in a FBI investigation. The FBI has also searched the home of Gary Jones, UAW president. The UAW has released  a statement, calling [...]

18Sep 2019

The EU’s Fight Against Financial Crime

By |September 18th, 2019|Categories: Article Summaries|0 Comments

In the past couple years, the European Union has experienced the fallout from multiple scandals relating to money laundering and corruption. In September 2018, a report was released that identified $229 billion worth of suspicious transactions that flowed through one Dankse Bank branch in Estonia. Dutch bank ING N.V. agreed to pay $900 million to settle an investigation into money laundering issues. The Fifth Anti-Money Laundering directive was released to address the current issues with [...]

16Sep 2019

British Based Gambling Firm Fined £5.9m

By |September 16th, 2019|Categories: Article Summaries|0 Comments

Ladbrokes Coral, a British based gambling firm, has been fined £5.9m for a three-year lapse in which they did not follow anti-money laundering measures and did not protect customers. GVC Holdings bought Ladbrokes Coral in March 2018 and while the difficulties occurred between November 2014 and October 2017, the new owners will still be paying this fine. Despite large expenditures of money, Coral did not ask a customer to provide evidence of the source of [...]

12Sep 2019

Individual Ordered to Pay $9 Million or Face 10 Years in Jail After Being Convicted of Money Laundering

By |September 12th, 2019|Categories: Article Summaries|0 Comments

Ellias Preko, a former Goldman Sachs investment banker, was served a confiscation order by the National Crime Agency (NCA) of the United Kingdom. Preko must pay 7.3 million pounds or face a 10-year jail sentence. After leaving Goldman Sachs Preko began to work for James Ibori, the former governor of Nigeria’s Delta State. Preko was convicted of laundering millions of dollars for Ibori during their time working together. Previous confiscation orders were for much lower [...]

10Sep 2019

London Money Transmitter Fined Record £7.8 million for Failing to Adhere to Money Laundering Regulations

By |September 10th, 2019|Categories: Article Summaries|0 Comments

Her Majesty’s Revenue and Customs(HMRC), a department of the United Kingdom responsible for regulatory regimes, has fined Touma Foreign Exchange Ltd almost ten million dollars for breaching money laundering regulations. This fine follows a crackdown in July where officers executed warrants at 12 separate addresses and arrested two men. HMRC and Metropolitan Police officers are working to educate business, performing visits and hand-delivering thousands of leaflets. HMRC also visited five high-risk money service businesses and [...]

9Sep 2019

“The Future Is Now!” at the latest AML ACAMS Conference in Las Vegas

By |September 9th, 2019|Categories: Truth Technologies News & Events|0 Comments

The Annual Anti-Money Laundering and Financial Crime Conference hosted by the Association of Certified Anti-money Laundering Specialists (ACAMS) will begin in late September 2019. Truth Technologies has been attending this conference for years and is excited to attend again. With topics ranging from sanction screening and PEP (politically-exposed person) screening to financial crime trends and adverse media searching, ACAMS conference covers a multitude of issues facing financial crime prevention. Attracting hundreds of anti-financial crime professionals [...]