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.
- It was conceived as a Software as a Service (SaaS) anti money laundering and compliance solution before SaaS had a name and the internet developments were still slow.
- It developed a filtering technology before it had a name too.
Several events were at the confluence where the idea of Truth Technologies was born:
- My home country Luxembourg’s fast-growing financial center had produced two quacks: Bank of Credit and Commerce International, BCCI, and Bank Leu. The latter one was convicted of financial crimes in the US though it had no presence in the US. This was an early sign of US upcoming “long arm” policies.
- The banking world was uncertain about regulators’ action, as there were no KYC regulations backing up the regulators’ occasional sanctions of banks.
- I had attended meetings of the Institute of International Bankers in New York and an Anti-Money Laundering Conference by Oceana Publishing of New York and the University of Florida Gainesville. I became certain that US regulations would soon be published. Eventually they were bound to become an international standard. There would be a need for anti-money laundering compliance solutions.
- Then I met Gene DeNezza, SVP at the famous “Analytical Science Corporation” of Reston, VA or TASC for economic development projects. A by-product of those meetings was a discussion about financial crimes detection. I commissioned TASC to develop the concept into a workable blueprint. TASC delivered the MLDS, “Money Laundering Detection System” for the startup Truth Technologies. MLDS has since grown into “Sentinel” that our clients around the world use daily.
The story of Truth Technologies to be continued