The plea agreement(s) According to an article from Ballard Spahr, Binance Holdings Limited has agreed to plead guilty to violating the Bank Secrecy Act (BSA) by neglecting to uphold anti-money laundering cryptocurrency technology, not registering as a money service business (MSB), and lastly, by triggering violations of U.S. economic sanctions…
By Egide Thein, Founder Twenty-seven years ago, in November 1996, I incorporated Truth Technologies in Virginia. It resulted from professional experiences as a graduate of the Belgian Military Academy, Director of the Luxembourg Board of Economic Development, and spokesman for the European Union at the United Nations. It revealed insights…
Money laundering conspiracy & sanctions screening evasions John C. Unsalan, the president of Metalhouse LLC, has pleaded guilty to conspiracy to commit money laundering involving sanctions screening evasion. Unsalan formed Metalhouse LLC, a trading company that trades steel products and raw materials, in Florida in 2014. Unsalan has conducted transactions…
New sanctions It was reported last week that the U.S. had considered new sanctions on Iran. Today, the U.S. has implemented new sanctions to disrupt the funding of the Palestinian militant group Hamas. The U.S. Deputy Treasury Secretary Wally Adeyemo announced these sanctions in his remarks at the Royal United…
CVC mixing concerning CTF FinCEN introduced a Notice of Proposed Rulemaking (NPRM) designating international Convertible Virtual Currency Mixing (CVC mixing) as a primary concern for money laundering and terrorism financing (FinCEN). According to FinCEN, this NPRM addresses the global threat of illicit actors using CVC mixing services, proposing a rule…
Iran Sanctions On October 11th, Treasury Secretary Janet L. Yellen indicated that the U.S. may consider more Iran sanctions in response to the Hamas attack on Israel at a press conference in Marrakech, Morocco. This press conference was during the annual meetings of the International Monetary Fund and the World…
Shinhan Bank America Violates Bank Secrecy Act without the use of AML Compliance Program According to the Financial Crimes Enforcement Network (FinCEN), Shinhan Bank America (SHBA) violated the Bank Secrecy Act (BSA) by not maintaining an AML compliance program. FinCEN has announced a $15 million civil money penalty against SHBA…
Truth Technologies is happy to announce our future attendance at the CRCA Conference 2023 in the Cayman Islands. The Caribbean Regional Compliance Association (CRCA) is a not-for-profit regional forum. Their mission is to "influence, educate and expand in all matters that relate to compliance"(CRCA). During this two-day event, Truth Technologies…
Tornado Cash OFAC Sanctions As of August 8, 2022, the Office of Foreign Assets Control (OFAC) is concerned that Tornado Cash has been laundering over $7 billion worth of cryptocurrency, leading to OFAC sanctions. For more information on OFAC Sanctions Virtual Currency Mixer Tornado Cash, click here. According to a…
SOC 2 completion Truth Technologies, a provider of anti-money laundering, anti-fraud, customer identification, and compliance products and services, recently announced the successful completion of their 2023 SOC 2 Type 2 examination. The achievement reflects their long-standing commitment to data security while allowing them to meet industry standards. Since Truth Technologies…
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.
