#QuickBiteCompliance day 251
Spotting Financial Crime Red Flags in Plain Sight!
Imagine you’re solving a mystery. You have:
🔍 Primary sources: Original “proof” like contracts, ID cards, or bank statements.
📚 Secondary sources: Reports about that proof—like news articles, databases, or corporate registries.
Here’s the catch: If these two don’t match? 🚩 That’s a red flag! Criminals love exploiting gaps in secondary sources to hide:
– Fake companies: Registering shell firms in lax jurisdictions (using corrupted public databases).
– “Clean” identities: Buying falsified credit reports or media profiles to “verify” stolen IDs.
– Phantom transactions: Using inflated third-party valuations to launder money through art or crypto.
Real example: A fraudster “validates” a stolen passport (primary) via a hacked news site claiming they’re a CEO (secondary). The mismatch gets ignored—until the scam unravels.
Always cross-check! Discrepancies demand investigation. Modern tools like #InclusiveRegtech and #OpenSourceAML help automate this, making verification transparent and accessible.
Stay curious. Verify twice. Protect the system. 💡
[Learn key terms in financial crime](https://www.acams.org/en/resources/aml-glossary-of-terms)
#FinancialCrime #AML #Compliance #Regtech #OpenSourceAML #InclusiveRegtech #100HariNulis #FraudPrevention #DueDiligence #AntiMoneyLaundering
