#QuickbiteCompliance day 250
🚨 How Bad Guys Trick the System Using “Primary Sources” (And How We Stop Them) 🚨
Did you know criminals use official-looking lists and documents to hide their dirty money? 🤯
Here’s how it works:
– Sanctions lists (like OFAC’s) tell banks who to block—but bad guys create fake companies with similar names to sneak through.
– Trade activity logs show legal shipments, but criminals lie about what’s inside (e.g., saying “bricks” instead of gold).
– Transaction records get hacked or faked to make illegal payments seem legit.
Real example: A smuggler might use a sanctioned ship’s old name (before it was blacklisted) to trick a port into letting it dock. 🚢💸
The good news? Tools like #InclusiveRegtech and #OpenSourceAML help banks spot these tricks by cross-checking data in real time!
🔍 Learn more about financial crime terms: [ACAMS Glossary](https://www.acams.org/en/resources/aml-glossary-of-terms)
#StopFinancialCrime #SanctionsEvasion #100HariNulis
(P.S. Want to see how tech fights back? Ask me about smart compliance tools!)