The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned the virtual currency mixer Tornado Cash. Since it's creation in 2019, Tornado Cash has allegedly been used to launder more than $7 billion worth of virtual currency. Included in the $7 billion is over $455 million…

A Guide to 2022 OFAC Screening Requirements Financial institutions and other regulated entities have a duty to conduct risk assessments in an effort to prevent illegal transactions and comply with federal and state laws. These businesses are required to regularly screen new and current customers—both individuals and organizations—to verify their…

https://www.youtube.com/embed/mnLpnQ68x0Y https://youtu.be/mnLpnQ68x0Y?t=1 Check out this interview of our CEO and Founder of Truth Technologies Egide Thein speaking with OneIMS about how to grow a successfull business using the principles and practices of the Military. Egide introduces himself and then discusses how he became the Pioneer of AML/KYC Software-as-a Service and…

Money laundering is a growing problem around the world, and as technology advances, the issue will only get worse. Every regulated business and financial institution needs to have processes in place to identify areas of risk, detect suspicious transactions, and report financial crime to make sure the organization is not…

High-risk businesses like banks, law firms, insurance companies, and other regulated entities must perform screenings of both new and current customers as part of the risk assessment process. These checks help make sure the business’s capital, reputation, revenue, and future are protected from illegal activities like money laundering or the…

The Louvre The art market is gaining as a hub for money laundering, and it’s a growing. AML and KYC compliance measures are gaining strength in this market, but it still doesn't face the same scrutiny as the banking sector. Therefore, oligarchs, corrupt politicians and bad actors still have an…

New Sanctions Lead to New Punishments Following the global sanctions imposed on Russia in response to their invasion of Ukraine, the United States declared it will “identify, hunt down, and seize the assets of Russian oligarchs. That makes their yachts, mansions, and any other ill-gotten assets now completely up for…

Recent sanction on Russia sparks new efforts to identify private investors in the recent months. This topic has come about from round after round of sanctions have been imposed on Russian. However the idea of imposing anti-money laundering (AML) requirements on private firms isn’t a new one, in fact, it…