Five AML Control Failures Behind the €6M UBS Monaco Fine | Truth Technologies On 7 May 2026, Monaco's Autorité Monégasque de Sécurité Financière (AMSF) published a 77-page sanction decision against UBS (Monaco) S.A., imposing a €6 million fine for failures covering a five-year supervisory review period. The decision is publicly…
On April 8, 2026, FinCEN and OFAC issued a joint NPRM implementing the GENIUS Act's directive to treat Permitted Payment Stablecoin Issuers (PPSIs) as financial institutions under the Bank Secrecy Act. The GENIUS Act (Pub. L. 119-27, enacted July 18, 2025) is explicit: PPSIs "shall be treated as a financial…
The evolving financial regulations spurred by globalization pose significant challenges, particularly for organizations involved in international transactions. The recent investigation by the Office of Foreign Assets Control (OFAC) into Russian accounts inherited by UBS from Credit Suisse highlights these complexities. Financial institutions must comply with Anti-Money Laundering (AML), Know Your…
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…
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…
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…
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…
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…