Category: Terms
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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…
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Day 179: Mutual Evaluation Review
#QuickBiteCompliance Day 179 🚨 Ever heard of a country’s “financial report card”? Let’s talk about Mutual Evaluation Reports (MERs)! Imagine if every country got a “grade” on how well it stops bad guys from moving dirty money, funding terrorists, or hiding shady transactions. That’s basically what an MER is! These reports (by groups like the…
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Day 178: Multilateral Sanctions
#QuickBiteCompliance Day 178 🚨 Breaking Down Multilateral Sanctions: How Criminals Exploit Global Rules (and How We Stop Them) 🚨 Imagine a group of friends teaming up to say, “We won’t share our toys with someone who plays unfair.” That’s what multilateral sanctions are like! When multiple countries join forces to restrict trade or money flows…
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Day 177: Monitoring
#QuickBiteCompliance Day 177 🔍 Catching Sneaky Money Moves: How Banks Play Detective! 🕵️♂️💸 Imagine your piggy bank could tell when someone’s stealing cookies. That’s kinda what “monitoring” does for banks! Banks use smart tools to watch how people move money—like a detective spotting sneaky behavior. If your account suddenly goes from buying candy 🍭 to…
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Day 176: Moneyval
#QuickBiteCompliance Day 176 🚨 Let’s Talk About MONEYVAL: The Superhero Squad Fighting Dirty Money! 🦸♂️💸 Did you know there’s a team of experts working behind the scenes to stop bad guys from hiding stolen cash? Meet MONEYVAL—a group created by the Council of Europe to make sure countries have strong “shields” against money laundering. Think…