{"id":3109,"date":"2023-07-03T15:29:31","date_gmt":"2023-07-03T15:29:31","guid":{"rendered":"https:\/\/truthtechnologies.com\/?p=3109"},"modified":"2026-05-13T16:25:10","modified_gmt":"2026-05-13T16:25:10","slug":"know-your-customer-financial-institutions-role-in-the-prevention-of-sex-trafficking","status":"publish","type":"post","link":"https:\/\/truthtechnologies.com\/es\/know-your-customer-financial-institutions-role-in-the-prevention-of-sex-trafficking\/","title":{"rendered":"Know-Your-Customer: Financial Institutions\u2019 Role in the Prevention of Sex Trafficking"},"content":{"rendered":"<p class=\"wp-block-paragraph\">JPMorgan Chase has reached a tentative settlement with the sexual abuse victims of Jeffrey Epstein. One of the lead lawyers for the victims said the bank was ready to pay <a href=\"https:\/\/www.nytimes.com\/2023\/06\/12\/business\/jpmorgan-settlement-jeffrey-epstein-victims.html\" target=\"_blank\" rel=\"noreferrer noopener\">$290 million<\/a> for resolution.  JPMorgan had provided services to Epstein from about 1998 to 2013, designating him a \u201chigh risk client\u201d in 2006. The lawsuit claims that the bank ignored repeated warnings about Epstein and his engagement in sex trafficking. The complaint also alleges that the bank had ignored red flags because of the value of Epstein as a wealthy client. Epstein was registered as a sex offender and pleaded guilty in a 2008 Florida case to soliciting prostitution from a teenager.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After Epstein\u2019s relationship with JPMorgan ended, he became a customer of Deutsche Bank. The same lawyers for the victims negotiated another tentative $75 million settlement with Deutsche Bank earlier this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">JPMorgan has said that it should not be held liable and would have dropped Epstein as a client sooner if they had been <a href=\"https:\/\/www.reuters.com\/legal\/ex-jpmorgan-executive-staley-be-questioned-under-oath-about-epstein-ties-2023-06-09\/\" target=\"_blank\" rel=\"noreferrer noopener\">aware of the criminal activity<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">JPMorgan is still dealing with a lawsuit brought by the government of the US Virgin Islands accusing the bank of facilitating Epstein\u2019s abuse. The Virgin Islands claim that JPMorgan should be required to pay the damages for facilitating Epstein&#8217;s establishment of a sex-trafficking operation on his privately owned island near St. Thomas.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Financial Institutions: Know Your Customer &amp; the Responsibility of Preventing Sex Trafficking<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Financial institutions are required to perform due diligence on their customers. They are required to follow Know Your Customer (KYC) regulations and guidelines. Considering that JPMorgan has stated that they were unaware of Epstein\u2019s activities, a more proficient KYC and due diligence process could have kept the bank out of court. Deutsche Bank <a href=\"https:\/\/www.cnbc.com\/2023\/05\/18\/jeffrey-epstein-lawsuit-deutsche-bank-will-pay-75-million-to-victims.html\" target=\"_blank\" rel=\"noreferrer noopener\">has stated<\/a>, \u201cWe acknowledge our error onboarding Epstein in 2013, and the weaknesses in our processes, and have learnt from our mistakes and our shortcomings.\u201d <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Truth Technologies &amp; Sentinel &#8211; Assisting Organizations with KYC <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Truth Technologies has aided thousands of users &#8211; assisting them in due diligence and know-your-customer procedures. Multiple data sources containing countless profiles are available for users to search against on our Sentinel application. Combined with powerful search capabilities and a full audit trail, Sentinel is here to make compliance easy. We also offer <a href=\"https:\/\/truthtechnologies.com\/es\/enhanced-due-diligence\/\" target=\"_blank\" rel=\"noreferrer noopener\">Enhanced Due Diligence (EDD)<\/a> reports. EDD reports allow for an investigative report on selected individuals and\/or organizations. Boots-on-the ground investigations are available to learn about subjects worldwide. Find out more by contacting us today.<\/p>","protected":false},"excerpt":{"rendered":"<p>JPMorgan Chase has reached a tentative settlement with the sexual abuse victims of Jeffrey Epstein. One of the lead lawyers for the victims said the bank was ready to pay $290 million for resolution. JPMorgan had provided services to Epstein from about 1998 to 2013, designating him a \u201chigh risk client\u201d in 2006. The lawsuit [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_front_end_style_editor":"no","ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[33],"tags":[],"class_list":["post-3109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kyc","entry","has-media"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.1 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Know-Your-Customer: Financial Institutions&#039; Duty<\/title>\n<meta name=\"description\" content=\"Financial institutions are required to perform due diligence. 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