Who We Are:
November 15th, 1996, Richmond, Virginia. The time and place Truth Technologies was born. It has been 25 years since the development of Money Laundering Detection System (MLDS), the first Anti-Money Laundering (AML) compliance solution. Our company became a trailblazer for Know Your Customer (KYC) and Anti Money Laundering (AML) compliance back then and continues to be a trailblazer in the industry today. Of course, without our loyal customers, advancement in our technologies would not be possible, so to you, we say thank you.
Founded by Egide Thein, Truth Technologies is a premier provider of worldwide anti-money laundering, anti-fraud, customer identification, and compliance products and services. Mr. Thein brings years of experience from the banking sector and regulatory technology, which provides unique viewpoints on the best ways to halt financial crime.
Development of KYC Compliance Systems
Out of a desire for US banking institutions to be regulated, our concept for AML and KYC compliance systems was developed. Until 1997, AML-KYC regulations were inexistent. Regulators would often sanction banking institutions based on unknown codes of conduct. Banking institutions thirsted for a way to have a framework of certainty by which to conduct business. Our newly developed technology, Sentinel, provided the answer and we knew that it was only a matter of time before the US would publish regulations. Shortly afterwards these regulations became an international standard by the creation of the Financial Action Task Force (FATF) inside the OECD organization.
Why KYC Compliance is so Important
Recent years have seen an increase in awareness in financial fraud, corruption, and crimes. The recent Pandora Papers, Panama Papers, Paradise Papers, and others have shed light on the growing need for regulatory and KYC compliance technologies. It has also spurred new regulations such as the Whistleblower Protection Act and Foreign Account Tax Compliance Act(FATCA). And proposals for new regulations such as the Stop Tax Haven Abuse Act and the ENABLERS Act. The Stop Tax Haven Abuse Act attempts to limit the use of tax havens to circumvent other U.S. tax laws; the ENABLERS Act imposes strict due diligence requirements on middlemen such as law firms and other advisory services.
What the Future Holds for Truth Technologies
Truth Technologies is uniquely positioned to handle the growing compliance measures in a market that is constantly widening to include more industries than ever. Truth Technologies, Inc. celebrates 25 years in the industry supported by our loyal customers who enable us to continue to create superior regulatory technology to handle these increasing demands. We are constantly working on improvements and currently we are finalizing development on a new Software as a Service (SaaS) platform that will bring advanced features and automation processes to our customers. Currently headquartered in Naples, Florida we are growing our team of talented individuals to help meet our goal of creating the best AML software in the industry. By now, Truth Technologies’ Sentinel system is active in all continents and 24 time zones. Our customers make all this possible, and to you, we say thank you for 25 years of success.
Truth Technologies Inc.
999 Vanderbilt Beach Rd. Suite 503
Naples, FL, 34108