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…
Evasion of Russia-related export controls On September 8th, the Financial Crimes Enforcement Network (FinCEN) published a Financial Trend Analysis that analyzes suspected evasion of Russia-related export controls. This analysis is based on reports filed under the Bank Secrecy Act (BSA) in response to previous joint alerts on this matter. This…
Deutsche Bank has had a troubled past regarding anti money laundering compliance. The Federal Reserve has stated that it fined Deutsche bank $186 million for failing to address money laundering control problems and other shortcomings that were previously identified by the US Central Bank. The Federal Reserve had identified issues…
According to a recent public statement by the UK Gambling Commission - Betfred, a UK-based bookmaker, has been fined £3.25m by the Gambling Commission for Anti-Money laundering(AML), Know-Your-Customer(KYC), and social responsibility failures. Some of the AML and KYC Gambling failures include: Failing to consistently obtain needed KYC identification Failing to…
On June 20th, the Office of Foreign Asset Control (OFAC) announced that Swedbank Latvia AS, a subsidiary of Swedbank AB, has agreed to pay about $3.5 million to settle apparent violations of OFAC sanctions. OFAC sanction screening is essential for financial institutions to ensure that no regulations are broken. The…
JPMorgan Chase has reached a tentative settlement with the sexual abuse victims of Jeffrey Epstein. One of the lead lawyers for the victims said the bank was ready to pay $290 million for resolution. JPMorgan had provided services to Epstein from about 1998 to 2013, designating him a “high risk…
Sanctions from multiple countries have been imposed on Russia as a response to the conflict in Ukraine. These sanctions were imposed as a way of thwarting Russian abilities to continue the aggression. Not only are sanctions imposed against individuals and organizations, but also against countries. The EU has imposed sanctions…