Category: Terms
-
Day 167: Memorandum of Understanding
#QuickBiteCompliance Day 167 🚀 MOUs: The Secret Handshake That Stops Financial Crime! 🤝 Think of an MOU (Memorandum of Understanding) as a superhero team-up agreement. Countries, banks, or agencies pinky-promise to share clues, catch bad guys, and protect the money world. 🦸♂️🦸♀️ But criminals hate teamwork. Here’s how they exploit weak MOUs: – Playing “hide…
-
Day 166: Mandatory Sanction Lists
#QuickBiteCompliance Day 166 🚨 Why Sanctions Lists Matter: Keeping the Bad Guys Out! 🌍 Imagine a giant “rulebook” that every country agrees on to stop bad guys from moving money, buying weapons, or funding harmful activities. That’s what mandatory sanctions lists are! They’re like a global “no-fly zone” for criminals, terrorists, and rogue governments. 📜 …
-
Day 165: Look Back Review
#QuickBiteCompliance Day 165 🔍 Ever Played Detective with a Piggy Bank? Let’s Talk “Look-Back Reviews”! Imagine your piggy bank has a secret camera. If you rewind the footage, you could see exactly how many coins you saved last year… or if someone sneaky stole a few! That’s what a “Look-Back Review” does for banks. It’s…
-
Day 164: LLC
#QuickBiteCompliance Day 164 🌍 “The Superhero Mask of Business: How LLCs Protect (And Sometimes Hide) the Bad Guys” Imagine you’re playing pretend, wearing a mask that makes you “someone else” so your piggy bank stays safe if your lemonade stand gets sued. That’s kind of what an LLC does! It’s a special business shield in…
-
Day 163: License
#QuickBiteCompliance Day 163 🌍 “Why Do Rules Sometimes Bend? Let’s Talk Licenses (And How Bad Guys Try to Break Them)” Imagine you’re playing a game where everyone follows strict rules… except when the teacher hands out a “free pass” for special situations. That’s what licenses are in the world of financial rules! Governments use them…
-
Day 162: Letter Rogatory
#QuickBiteCompliance Day 162 🌍 Unlocking Secrets Across Borders: How Criminals Exploit “Legal Letters”… and How We Stop Them! 🕵️♂️ Imagine you’re playing a game of hide-and-seek, but the hider can run to another country. How do you find them? Governments use something called a Letter Rogatory (or Commission Rogatoire)—a fancy “help request” sent between countries…
-
Day 161: Letter of Credit
#QuickBiteCompliance Day 161 The Hidden Risks of Letters of Credit: How Criminals Exploit This Financial Tool Imagine you own a toy store and want to buy 1,000 teddy bears from a factory overseas. You don’t know the factory owner personally, so you ask your bank to issue a Letter of Credit (LC). This is like…
-
Day 160: Legal Risk
#QuickBiteCompliance Day 160 🚨 Banks Beware: The Invisible “Legal Monsters” Lurking in the Shadows! 🦹♂️💼 Hey everyone! Let’s talk about Legal Risk—the scary “what ifs” that keep banks awake at night. Imagine your school’s treehouse club getting shut down because someone sneaked in a rule-breaker. That’s legal risk! It’s when banks face fines, lawsuits, or…
-
Day 159: Layering
#QuickBiteCompliance Day 159 🎩 The Magic Trick Criminals Don’t Want You to See: “Layering” Unmasked! 🔍💰 Hey everyone! Let’s talk about layering—the sneaky middle step in money laundering where bad guys turn “dirty money” into a confusing puzzle. Imagine a magician shuffling cups to hide a ball… except the “ball” is stolen cash, and the…
-
Day 157: KYC
#QuickBiteCompliance Day 157 🚀 Keeping Our Money Safe: The Superheroes Called KYC and AML! 🦸♂️💸 Hey friends! Let’s talk about something super important but easy to understand: KYC (Know Your Customer) and AML (Anti-Money Laundering). Think of them like secret tools banks and businesses use to stop “bad guys” from hiding sneaky money tricks! Here’s…