Category: Terms
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Day 91: Economic Sanctions
#QuickBiteCompliance Day 91 🌍 Economic Sanctions: Protecting the World from Bad Behavior Let’s talk about economic sanctions! Think of them as “time-outs” for countries, companies, or people who aren’t following the rules. Just like when someone misbehaves on the playground, economic sanctions are meant to stop bad actions and encourage better behavior. These “time-outs” could…
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Day 90: Eastern and Southern African Anti-Money Laundering Group (ESAAMLG)
#QuickBiteCompliance Day 90 Protecting Africa from Financial Crimes: What is ESAAMLG? Imagine you have a piggy bank where you save your allowance. Now, imagine a bad guy trying to hide stolen money in someone else’s piggy bank so no one catches them. Scary, right? That’s kind of what happens with money laundering, and it’s a…
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Day 89: Due Diligence
#QuickBiteCompliance Day 89 🌟 What is Due Diligence and Why Does It Matter? 🌟 Imagine you’re about to trade toys with a new kid at school. You want to make sure the toy they’re offering isn’t broken or stolen, right? That’s what due diligence is! It’s like doing homework before making a big decision—like checking…
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Day 88: Dual-use Goods
#QuickBiteCompliance Day 88 Dual-Use Goods: How Bad Guys Exploit Technology for Financial Crime Did you know some things can be used in two very different ways? Think of a tool like a knife—it can help cut fruits in the kitchen (civilian use) or be used to harm someone (not so good). Similarly, there are Dual-Use…
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Day 87: Dual Control
#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…
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Day 86: Domestic Transfer
#QuickBiteCompliance Day 86 💸 How Domestic Transfers Can Be Misused for Financial Crime: What You Need to Know Let’s break down domestic transfers in simple terms: Imagine you send money to your friend, and both of you live in the same country. That’s a domestic transfer. Easy, right? But did you know bad guys (like…
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Day 85: Clearing Dollar
#QuickBiteCompliance Day 85 🌍💵 What is Dollar Clearing and Why Should We Care? Let’s break it down so even a 4th grader can understand! Imagine you have friends all over the world. One friend in Japan sends you yen 🪙, but you want dollars 💵 because that’s what you use at home. Dollar clearing is…
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Day 84: Dilution of Sanctions Ownership
#QuickBiteCompliance Day 84 How “Bad Guys” Use Trickery to Dodge Sanctions: Let’s Break It Down! Imagine you’re playing a game where you’re not allowed to have more than 50 marbles. If you do, you’re out of the game. But instead of playing fair, you give some of your marbles to your friends and ask them…
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Day 83: Designated Non Financial Businesses and Professionals
#QuickBiteCompliance Day 83 🌍 Fighting Financial Crime Beyond Banks: Let’s Talk About DNFBPs! 🛑💰 Did you know that financial crime doesn’t just happen in banks? Bad guys (a.k.a. criminals) can hide their dirty money in other places too. That’s why the Financial Action Task Force (FATF) says certain businesses and professions, called Designated Non-Financial Businesses…
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Day 82: Designated Categories of Offense
#QuickBiteCompliance Day 82 💡 What Are “Designated Categories of Offense”? Let’s Break It Down! 💡 Did you know that bad guys (aka criminals) use money from their illegal activities to make it look “clean”? This is called money laundering. But where does that “dirty money” come from? That’s where Designated Categories of Offense come into…