Truth Technologies in the History of KYC, Know Your Customer: what comes first KYC or KYB, Know Your Banker Truth Technologies in the History of KYC, Know Your Customer: what comes first KYC or KYB, Know Your Banker When in 1995 Truth Technologies was born, it was with a vision of…
Last month, the United Kingdom regulator known as the Financial Conduct Authority (“FCA”) fined Commerzbank London £37.8 million for failures in the bank's anti-money laundering (AML) procedures. The Final Notice provided by the FCA outlines the problems with the bank's AML program. Preventing financial crime in banks is of very…
NAPLES, FLA. (PRWEB) JUNE 22, 2020 Truth Technologies, a provider of anti-money laundering, anti-fraud, customer identification, and compliance products and services, today announced the successful completion of their 2020 SOC 2 Type 1 examination. The achievement reflects their long-standing commitment to data security, while allowing them to meet industry standards. Having…
The U.S. Department of Justice (DoJ) recently released an indictment against 32 bankers, located in China and North Korea. Covert branches of the North Korea owned Foreign Trade Bank (FTB) attempted to circumvent sanctions and access the United States financial system. Seven years ago, OFAC placed FTB on the Specially…
In March, the Swedish Financial Supervisory Authority (FSA) handed out a record fine of 4 billion crowns to Swedbank for anti-money laundering (AML) compliance program failures. It seems that the banking giant will not be the only one suffering for these failures. Earlier this month, Latvia’s Prosecution Office pressed charges…
After a two-year investigation, the United Kingdom (UK) Metropolitan Police have frozen 25 accounts, possibly linked to the Italian mafia, holding more than €1.9 million. This is a victory for UK anti-money laundering enforcers and the Met. Detective Superintendent Nick Stevens, of the Met's Economic Crime Command, said "This case…
AUSTRAC, Australia's anti-money laundering(AML) regulator, stated that Westpac bank contravened the AML/CFT act on 23 million occasions. Australia’s anti-money laundering and counter-terrorism financing act requires entities, like banks, to report on transactions valued at more than $10,000 and to identify those using bank accounts. Westpac is now expecting a $900…
National emergencies, such as the current COVID-19 situation, can effect everyone in dozens of ways. Not often considered is the increase of financial crime by bad actors hoping to take advantage of a bad situation. Even in the best of times, financial crime is always present. When reporting and regular…
Last week, the Swedish Financial Supervisory Authority (FSA) handed out a record fine of 4 billion crowns to Sweden's oldest retail bank. The FSA claims that Swedbank had some serious deficiencies in their anti money laundering (AML) procedures and withheld important information from the FSA. An effective AML compliance program…