#QuickBiteCompliance Day 74
💡 The Key to Stopping Bad Guys: Building Strong Customer Relationships
Let’s talk about why knowing your customers is so important. Imagine if someone tries to hide who they really are to sneak past the rules—sounds like a sneaky villain in a movie, right? But this happens in real life, especially in banks and financial companies.
Here’s the deal: Bad guys (like criminals and sanctions evaders) often use fake names, fake companies, or even innocent people to hide their true intentions. They use loopholes to move money where they shouldn’t. But guess what? A strong customer relationship can stop them in their tracks.
Here’s how bad guys might try to trick us:
1️⃣ Fake Identities: During onboarding, they might use forged documents or stolen IDs to open accounts.
2️⃣ Hidden Owners: They set up companies but hide who really owns them.
3️⃣ Suspicious Activity: After getting an account, they move money in weird patterns to stay under the radar.
How can we fight back?
Ask the right questions during onboarding. Who are they? What do they need the account for?
Stay alert when customers use your services. Look out for unusual activity.
Teamwork is key! Marketing, compliance, operations, and management need to share information.
When we build strong relationships with our customers, we’re not just offering better service—we’re protecting everyone from financial crime.
Let’s work together to outsmart the bad guys!
#FinancialCrime #AML #SanctionsEvasion #KnowYourCustomer #ComplianceMatters #CustomerRelationships #AntiFinancialCrime #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
