A $2 billion fraud stresses the necessity of onboarding compliance. Financial institutions must leverage screening technologies within their compliance toolkit to guard against threats. Truth Technologies excels in AML, KYC, CFT, and PEP screening solutions, effectively protecting institutions from financial crimes. We’ll demonstrate how Truth Technologies strengthens your defenses. Ensuring…

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…

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…

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…

Sharp Increase in Money Laundering in Cyberspace  Law enforcement agencies have served as big watch dogs that have surveilled the rise of crypto and cyber crimes for quite some time. Money laundering in crypto-currency has grown by over 30% in the last year, totaling $8.6 billion in 2021, says a…

Lack of Compliance From the National Bank of Pakistan The National Bank of Pakistan (NBP) and it’s New York Branch have been subject to a total of $55 million dollars in fines for gaps in its compliance methods.  The Federal Reserve imposed $35 million of those fines and the superintendent…

High End Art, A Haven for Money Laundering High-end art is quickly making the scene for an increase in financial crime. Banksy is a popular artist whose themes consist of anti-establishment sentiments and rebukes consumer culture and capitalism. His art has ironically become the latest target for money laundering activity.…

FinCEN Setting More Priorities for AML Programs to be Present at Every Financial Institution The List Continues to Grow On January 28th, the United States Treasury Department released formal requirements for businesses to rigorously enhance their monitoring efforts against exposure to money launderers who increase their vulnerability to financial crime.…

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,…