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 to fulfill a purpose that wasn’t fully realized yet. The technology it was based on, a software-as-a-service(SaaS) product, wasn’t really in use at the time. The filtering technology developed for the product was brand new. At Sentinel’s birth, 24 years ago, compliance regulations and technology were behind the actual product. No one was looking for AML/KYC solutions at the time.
TTI wasn’t going to let that stop us. Mr. Thein’s home country Luxembourg had a fast-growing financial center. This had produced two quacks: Bank of Credit and Commerce International 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. When in 1996, Truth Technologies was born, it was with a vision of future regulatory needs, based on past events. And those events triggered the ever-greater demand by banks in the US for KYC regulations. Regulators would sanction financial institutions for wrongdoings.
Nowadays, TTI continues to look to the future of AML/KYC solutions with Sentinel. More products are coming, allowing our customers to know their customer better than ever. KYC has become a necessary act for companies, allowing them to assess risk with every transaction, partnership, and interaction.