Money laundering conspiracy & sanctions screening evasions John C. Unsalan, the president of Metalhouse LLC, has pleaded guilty to conspiracy to commit money laundering involving sanctions screening evasion. Unsalan formed Metalhouse LLC, a trading company that trades steel products and raw materials, in Florida in 2014. Unsalan has conducted transactions…
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…
CVC mixing concerning CTF FinCEN introduced a Notice of Proposed Rulemaking (NPRM) designating international Convertible Virtual Currency Mixing (CVC mixing) as a primary concern for money laundering and terrorism financing (FinCEN). According to FinCEN, this NPRM addresses the global threat of illicit actors using CVC mixing services, proposing a rule…
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…
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) has concerns that Tornado Cash had been involved in the laundering of over $7 billion worth of cryptocurrency leading to OFAC sanctions. For more information click here. OFAC also held suspicions that Tornado Cash…
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…
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