#QuickBiteCompliance Day 67
🌍 How Do Bad Guys Use Cross-Border Tricks to Commit Financial Crime? Let’s Make It Simple!
Imagine you have $10 and you give it to your friend in another country. That’s called a cross-border transfer—moving money from one country to another. This is super useful for families, businesses, and travelers.
But bad guys? They use cross-border tricks for sneaky crimes!
Here’s how they do it:
1️⃣ Hiding Money: A criminal might move stolen money to a bank in another country where the rules are weaker, making it harder to trace.
2️⃣ Smuggling Cash: They carry bags full of cash across borders (by car, plane, or even hidden in luggage) to avoid getting caught.
3️⃣ Fake Businesses: Bad guys use fake companies in other countries to “clean” dirty money, making it look like it came from legal work.
💡 Why is this a problem? Because cross-border crime helps bad guys hide their money and keep breaking laws. Experts around the world work together to track these tricks and stop them.
🛑 If you see something suspicious, speak up—because teamwork keeps crime in check!
#FinancialCrime #CrossBorder #AntiMoneyLaundering #AML #MoneyLaundering #FraudPrevention #GlobalSecurity #StopCrime #FinancialSecurity #Compliance #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
