Binance Pleads Guilty & Agrees to Settlement Worth Billions – Contrary to its Founder’s Plea

The plea agreement(s)  According to 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 established under the…

Continue ReadingBinance Pleads Guilty & Agrees to Settlement Worth Billions – Contrary to its Founder’s Plea

Anti-Money Laundering in Arts & Antiquities

What is FATF? The Financial Action Task Force (FATF) “promotes and develops policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction” (FATF). FATF suggestions are accepted globally as counter-terrorist financing (CFT) and anti-money laundering (AML) regulations. These…

Continue ReadingAnti-Money Laundering in Arts & Antiquities

AML and CFT Priorities for AML Systems

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…

Continue ReadingAML and CFT Priorities for AML Systems

Anti-Money Laundering Compliance and Environmental Crimes

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…

Continue ReadingAnti-Money Laundering Compliance and Environmental Crimes

The Future Is Now!” at the latest AML ACAMS Conference in Las Vegas

The Annual Anti-Money Laundering and Financial Crime Conference hosted by the Association of Certified Anti-money Laundering Specialists (ACAMS) will begin in late September 2019. Truth Technologies has been attending this conference for years and is excited to attend again. With topics ranging from sanction screening and PEP (politically-exposed person) screening…

Continue ReadingThe Future Is Now!” at the latest AML ACAMS Conference in Las Vegas

Danske Bank’s Estonian Branch Enters Liquidation after Involvement in a $220 Billion Money Laundering Scandal

The fight against corruption and money laundering scandals in the European Union continues. Danske Bank, Denmark's biggest bank, has closed down all banking activities in its Estonian branch. The Danske branch in Estonia has been under close investigation for money laundering. During the investigation, Danske's previous CEO has stepped down…

Continue ReadingDanske Bank’s Estonian Branch Enters Liquidation after Involvement in a $220 Billion Money Laundering Scandal