How Has Covid-19 Affected Financial Crimes? The Covid-19 crisis has had negative impact on businesses and their owners around the world. In order to help keep businesses afloat, the U.S. government created the Paycheck Protection Program (PPP) at the start of the pandemic. This program offered loans to help small…
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…
As technology has improved during the past few decades, financial fraud has become more common as well. Even though technology has made a lot of our lives easier and more efficient, it also makes us more vulnerable to attack. This includes money laundering. Because money laundering is becoming so common,…
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…
Islamic banking in Luxembourg and the conflict of law Islamic banking in Luxembourg and the conflict of law Islamic banking in Luxembourg and the conflict of law The financial center of Luxembourg, in its quest for diversification away from former niche banking made impossible through automatic reporting, has turned among…
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.…
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…
In March, the Swedish Financial Supervisory Authority (FSA) handed out a record fine of 4 billion crowns to Swedbank for anti-money laundering (AML) compliance program failures. It seems that the banking giant will not be the only one suffering for these failures. Earlier this month, Latvia’s Prosecution Office pressed charges…
March 12th, 2020 Update The 2020 FIBA AML Compliance Conference has been rescheduled to the week of September 28th, 2020 due to the evolution of the COVID-19 Coronavirus. Truth Technologies will be at the 2020 FIBA AML Compliance Conference in Miami this month. The biggest event of its kind in…