Category: Terms
-
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…
-
Day 156: Knowledge
#QuickBiteCompliance Day 156 What You “Don’t Know” Can Still Be a Crime: How Criminals Exploit Knowledge Gaps Imagine you’re playing a game of hide and seek. Your friend tells you, “Don’t look behind the couch!” That sounds suspicious, right? Even if you don’t check, deep down, you know they’re probably hiding there. This is similar…