A New Approach to Fighting Corruption With the New Year, the Biden Administration announced a new approach to combatting financial corruption. Identifying corruption as a “cancer within the body of societies—a disease that eats at the public trust and the ability of governments to deliver for their citizens.” The plan,…
Who is FIBA? FIBA is back! The Florida International Bankers Association (FIBA) was founded over 40 years ago and is a nonprofit trade association and an international center for financial success. The core mission of FIBA is to provide world class education through training and certification to members of the…
HSBC Fined for Failures in AML and KYC Compliance Weaknesses Fines related to failures in anti-money laundering (AML) and know your customer (KYC) compliance systems are increasing, and they shows no signs of stopping. As of last week Europe’s largest bank, HSBC based in London, was fined the equivalent of…
Fines For Money Laundering Crimes Increase According to Kroll’s Global Enforcement Review, which provides insights on global enforcement trends with a focus on the financial services industry, an upsurge in money laundering crimes during the coronavirus pandemic has led to authorities handing out a total of $2.2 billion in money…
An Overview of Environmental Crimes Environmental crimes are estimated at over 110 billion USD annually(FATF report,2021 ). They are considered the most profitable crimes in the world. Roughly two thirds of these crimes consist of forestry, illegal mining, and waste trafficking. The impact of these financial crimes soars beyond the…
Recently, the Financial Industry Regulatory Authority (FINRA) issued a notice to firms to incorporate AML and CFT priorities for AML systems in advance of new regulations and standards coming in 2022. New Priorities Set for Companies to Incorporate New Compliance Regulations The Financial Crimes Enforcement Network (FinCEN) issued a list on…
How Has Covid-19 Affected Financial Crimes? The Covid-19 crisis has had negative impact on businesses and their owners around the world. In order to help keep businesses afloat, the U.S. government created the Paycheck Protection Program (PPP) at the start of the pandemic. This program offered loans to help small…
Who We Are: November 15th, 1996, Richmond, Virginia. The time and place Truth Technologies was born. It has been 25 years since the development of Money Laundering Detection System (MLDS), the first Anti-Money Laundering (AML) compliance solution. Our company became a trailblazer for Know Your Customer (KYC) and Anti Money…
The Financial Action Task Force (FATF) has released a report detailing the role of shell companies and trade-based fraud to launder gains from environmental crimes. The report shows the need for anti-money laundering compliance authorities to build working relationships with environmental protection agencies, environmental crime investigators, and other professionals that…
As a financial organization, you have a responsibility to identify suspicious behavior. You need to do your part in preventing financial crimes from taking place. Even though financial crimes may not be looked at in the same manner as violent crimes, financial crimes can be just as serious. Whether this…