On November 6th, Hugh Haney pled guilty to laundering more than $19 million through cyptocurrency. Anti-money laundering regulations have been working to enforce legislation on the possible malicious use of cryptocurrency almost since it's use became popular. Cryptocurrency anti-money laundering cases have recently included an individual charged for illegal use…
Valve, the developer of the popular video game Counterstrike, has taken steps to prevent money laundering in it's latest update to the game. Players of the multiplayer game Counterstrike: Global Offensive (CS:GO) can earn loot boxes containing cosmetic items for the game. These loot boxes would be "locked" against the…
Truth Technologies will be at the Caribbean Regional Compliance Association (CRCA) Conference in St. Lucia this week. Promoting the study, research, and development of compliance in the Caribbean, the CRCA Conference 2019 claims to be the "best Compliance conference, but with a Caribbean flavor.” With a variety of professional speakers,…
In a report by Transparency International UK (TIUK) analyzing over 400 corruption and money laundering cases, nearly 600 UK entities were identified as businesses or individuals that helped corrupt individuals move and defend ill-gotten gains. Many of these ill-gotten gains were paid to educational institutions, architectural & interior design firms,…
Aiming to fight financial crime in more than just financial institutions, a bill requiring arts and antiquities dealers to perform anti-money laundering (AML) checks is working it's way to the Senate. Similar in some ways to the EU's Fifth Anti-Money Laundering Directive (5AMLD), the Counter Act, Bill HR 2514 has…
The Financial Industry Regulatory Authority (FINRA) recently announced fines for BNP Paribas Securities Corp. and BNP Paribas Prime Brokerage, Inc. due to huge failures, both supervisory and operational, in their AML compliance program. FINRA is fining BNP $15 million and requiring that BNP fix their compliance problems within 90 days.…
CCTV footage shows a man walking up to a counter in a private room at Crown Casino in Melbourne. He is carrying a small cooler lunch bag and as he unzips the bag at the counter, stacked bundles of AUD $50 and $100 are visible in the bag. Then, the…
The House of Representatives is considering legislation this week that could permanently end the existence of shell companies in the United States. Shell companies have little to no operations, but still may hold assets. These companies can be used to avoid know-your-customer (KYC) and anti-money laundering (AML) regulations and compliance.…
State-owned Turkish bank Halkbank has been charged with fraud and money laundering in an alleged scheme to evade US sanctions on Iran. These charges were announced less than a day after President Trump issued US sanctions against Turkey. These sanction evasion charges may continue to put pressure on Turkey's struggling…
Jin Yuan Finance Limited, a money remitter based in New Zealand, has been fined $4 million for non-compliance with the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. The New Zealand Department of Internal Affairs had been watching and warning the firm for several years, but has finally taken…
Truth Technologies is an established, trusted provider of global risk compliance solutions. Our Sentinel application helps organizations meet their obligations for Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations. Read more about our company.
