#QuickBiteCompliance Day 71
🔍 What is a Custodian, and Why Should We Care? 🤔
Imagine you have a super special treasure box filled with your favorite toys or coins. You trust someone—a grown-up or a friend—to keep it safe for you, so no one steals it or loses it. That trusted person is like a Custodian! In the financial world, custodians are banks or companies that protect big treasures—like money or stocks—for people or businesses.
💡 Sounds safe, right? But here’s the twist…
Sometimes, bad guys use custodians to hide their crimes. Here’s how:
1️⃣ Money Laundering: A criminal may stash stolen money in accounts with custodians to make it look clean. They mix it with legit money to cover up where it came from.
2️⃣ Fake Ownership: They might pretend someone else owns an account with a custodian to hide their identity (called a “straw owner”).
3️⃣ Evading Authorities: Using custodians in different countries, bad actors move money around to avoid being caught.
🌟 Why It Matters:
Custodians are supposed to protect money—not help bad guys hide it. That’s why financial experts like us work hard to stop these tricks and keep your treasure safe!
#FinancialCrime #CustodiansExplained #AML #MoneyLaundering #StaySafe #FinancialTransparency #InclusiveRegtech #OpenSourceAML
Source: https://lnkd.in/gGmG8VZ5
