Money Laundering Crimes During COVID-19 Spur Record Fines

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…

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KYC and AML Compliance Crucial Against Environmental Crimes

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…

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What is an AML Compliance Program?

During the past few decades, financial crimes have only become more common. Because there are more ways than ever to process payments, there are also more apps that have to be sealed. As a result, both government institutions and financial organizations are looking for ways to prevent money laundering from…

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Truth Technologies is 24 Years Old – Trailblazer of AML/KYC Solutions

Founded by Egide Thein in late 1996, Truth Technologies, Inc. (TTI) was one of the very first companies to provide anti-money laundering and know-your-customer compliance solutions. Before the Patriot Act and before many of the present-day regulations were started, TTI's Sentinel was a product for the future. It was designed…

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Truth Technologies at age 23.

Truth Technologies at age 23. Truth Technologies at age 23. Truth Technologies was incorporated in 1996, 23 years ago. It was in many ways a trailblazer: It was an AML compliance solution based on a vision of future KYC regulations at a time when there were no KYC regulations yet.…

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Commerzbank London Fined £37.8 Million for AML Program Failures

Last month,  the United Kingdom regulator known as the Financial Conduct Authority (“FCA”) fined Commerzbank London £37.8 million for failures in the bank's anti-money laundering (AML) procedures. The Final Notice provided by the FCA outlines the problems with the bank's AML program. Preventing financial crime in banks is of very…

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