#QuickbiteCompliance day 249
🚨 Breaking Down “Smurfing” – The Sneaky Money Laundering Trick! �💵
Ever heard of smurfs? No, not the cute blue cartoon characters—these are the bad guys who help criminals hide dirty money! 💸
How does it work?
Imagine a thief has a huge pile of cash from illegal activities. If they deposit it all at once, banks will get suspicious. So instead, they hire a bunch of people (smurfs) to make small deposits or buy money orders—all under the radar (usually below $10,000 to avoid reporting).
Real-World Example:
A drug cartel wants to clean $500,000. Instead of depositing it in one go, they spread it across 50 people, each depositing $9,500 in different banks. By staying under the reporting limit, they fly under the radar!
Why is this dangerous?
– Helps criminals disguise illegal money as “clean” 💰
– Makes it harder for banks & regulators to track suspicious activity 🔍
– Funds terrorism, drugs, and other crimes 🚨
How do we fight it?
✅ AI & Transaction Monitoring – Detects unusual patterns (lots of small deposits).
✅ Strict AML Rules – Banks must report suspicious activity.
✅ Public Awareness – Knowing these tricks helps stop them!
At Mulai Console, we believe in #InclusiveRegtech and #OpenSourceAML—making financial crime-fighting tools accessible to all! 🛡️
📖 Learn more about money laundering terms: [ACAMS Glossary](https://www.acams.org/en/resources/aml-glossary-of-terms)
#FinancialCrime #AntiMoneyLaundering #Smurfing #Structuring #StopFinancialCrime #100HariNulis #RegTech #AML