#QuickbiteCompliance day 263
🚨 Playing Hide-and-Seek with Dirty Money? How Criminals Trick SWIFT Messages!
Imagine you’re playing a game where you pass secret notes (💌) to friends across the world. SWIFT is like that—but for banks! Each bank has a special code (e.g., “ABCDUSNY”) to send payment notes securely. But sneaky criminals found loopholes. Here’s how:
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### 🔍 The “Fake Friend” Trick
Bad guys hack into a bank’s computer (like guessing a friend’s password!) and send fake SWIFT messages. For example:
– The Bangladesh Bank Heist: Thieves sent 35 fake messages to steal $81 million, pretending to be the bank .
– Weekend Surprise: They time attacks on holidays (like Friday nights!) when no one checks messages .
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### 👑 Kleptocrats’ Secret Game
Corrupt leaders steal from their people, then hide cash overseas using SWIFT:
1. Shell Companies: They move money to fake businesses (e.g., “Boring Tiles Inc.”) via SWIFT .
2. Family Helpers: A minister’s son buys a $5 million yacht with stolen funds—banks don’t ask questions .
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### 🙈 “I Didn’t See Anything!”
Some banks ignore red flags in SWIFT messages (called willful blindness):
> Example: A bank processes payments for a “fish exporter” shipping $1 billion monthly. 🐟 Really? .
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### ⚙️ Fixing the Game: Smarter Tools!
New tech is fighting back:
– Structured Data: SWIFT’s new system (ISO 20022) separates names/addresses clearly—cutting fraud alerts by 30% .
– Inclusive Regtech: Free tools (like Mulai Console) help small banks spot shell companies .
– Machine Learning: Robots scan SWIFT messages 24/7 to catch holiday hackers .
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💡 Remember: Criminals hide, but money leaves trails! With #InclusiveRegtech and #OpenSourceAML, everyone—from big banks to small credit unions—can chase them.
🔗 Learn more: [ACAMS AML Glossary](https://www.acams.org/en/resources/aml-glossary-of-terms)
#FinancialCrime #SWIFT #AntiMoneyLaundering #Compliance #100HariNulis #FollowTheMoney 🌍💸
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(P.S. Always ask: “Does this ‘fish exporter’ need 10 private jets?” 🛩️)