Category: Terms
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Day 189: OFAC
#QuickBiteCompliance Day 189 🚨 Let’s Talk About OFAC: The “No-No List” Protecting Our Money 🌎 Imagine your teacher has a “naughty list” of kids who aren’t allowed to trade snacks at recess. The Office of Foreign Assets Control (OFAC) is like that—but for grown-ups! This U.S. Treasury team keeps a Specially Designated Nationals (SDN) list…
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Day 188: Non-Proliferation Treaty
#QuickBiteCompliance Day 188 🌍 Keeping Our World Safe: How Global Rules Stop Bad Guys… and Their Money! Did you know that in 1970, countries around the world made a pinky promise to stop nuclear weapons from spreading? 🤝 It’s called the Non-Proliferation Treaty (NPT)—a big name for a simple idea: “Let’s keep the scariest weapons…
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Day 187: NPO
#QuickBiteCompliance Day 187 🚨 Keeping Good Deeds Safe: How Criminals Target Charities (and How to Stop Them) 🚨 Did you know that organizations like food banks, animal shelters, or schools (aka Non-Profit Organizations, or NPOs) sometimes get tricked by bad guys? 😱 These groups do amazing work, but criminals see them as a way to…
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Day 186: NGO
#QuickBiteCompliance Day 186 🌍 Keeping Good Deeds Safe: How We Can Protect NGOs from Financial Crime 🌍 Did you know that charities and nonprofits doing amazing work—like helping disaster survivors, protecting animals, or fighting for human rights—can sometimes accidentally become tools for bad guys? Let me explain how this happens—and what we can do about…
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Day 185: Nominee Director or Shareholder
#QuickBiteCompliance Day 185 🚨 Meet the “Puppet Masters” of Financial Crime: Nominee Directors & Shareholders 🕵️♂️ Imagine a puppet show 🎭 where someone else pulls the strings, but you see only the puppet. That’s how nominee directors/shareholders work. They’re like “fake faces” hiding the real people behind a company. While nominee shareholders are fading, nominee…
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Day 184: Nesting
#QuickBiteCompliance Day 184 🏦 Nesting: The Secret Tunnels Criminals Dig in the Banking System! Think of a big bank as a busy train station. It lets smaller banks (“partner banks”) use its tracks to send money worldwide. But what if those partner banks let their own partners hop on the train too? Now, the big…
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Day 183: Nested Account
#QuickBiteCompliance Day 183 🔍 Nested Accounts: The Hidden Maze Where Criminals Hide Their Tracks! Imagine a big bank (let’s call it “Bank A”) that acts like a main door for smaller banks to send money globally. Now, what if those smaller banks let even more banks use their access to Bank A? Suddenly, Bank A…
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Day 182: Naming Convention
#QuickBiteCompliance Day 182 🌍 Names Are More Than Just Words—They’re a Gateway to Fighting Financial Crime! Did you know that how someone writes their name can help stop—or hide—financial crimes? Let’s break it down! In some countries, people write their family name first (like “Kim Jong-un” in Korea), while others start with their personal name…
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Day 181: Name Screening
#QuickBiteCompliance Day 181 🚨 Stop Bad Guys with “Name Checks” – Like a Superhero’s Secret Weapon! 🦸♂️ Imagine you’re playing a game where you have to keep troublemakers out of your team. How? By checking their name against a “no-no list” before letting them join. That’s name screening! Banks and businesses do this daily to…
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Day 180: Mutual Legal Assistance Treaty
#QuickBiteCompliance Day 180 🌍 Imagine countries as teammates in a global game of “catch the bad guys.” That’s Mutual Legal Assistance Treaties (MLATs) in action! MLATs are like secret handshakes between countries saying, “We’ll help you investigate crimes if you help us too!” They let governments share evidence, freeze stolen money across borders, and even…