#QuickBiteCompliance Day 87
🔒Why Two Heads Are Better Than One in Fighting Financial Crime
Imagine this: you’re in charge of the cookie jar at school. You and your friend have to agree before anyone gets a cookie. Why? Because it stops one person from sneaking extra cookies!
In the world of money, we call this Dual Control or “Four-Eyes.” It’s a rule that says at least two people must work together to check important money tasks. It’s like having a buddy to double-check your homework so you don’t miss anything.
But here’s the catch: bad guys know about this rule too. Sometimes, they try to trick both people or even get them to work together to break the rules.
Here’s how they do it:
1️⃣ Bribing a Team: A criminal might pay two employees to “look the other way” while they move stolen money.
2️⃣ Fake Friendships: Someone might pretend to be friends with an employee and convince them to skip steps or approve fake payments.
3️⃣ Pressure or Threats: Bad guys might scare employees into approving something shady.
This is why Dual Control is so important—it helps us protect businesses and people from losing their hard-earned money.
Let’s stay sharp and keep teamwork strong in the fight against financial crime!
#AntiFinancialCrime #DualControl #FourEyesPrinciple #MakerChecker #FraudPrevention #StayVigilant #FinancialIntegrity #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
