Category: Terms
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Day 241: Senior Foreign Political Figure
#QuickbiteCompliance day 241 🔍 Keeping Up with the “Big Cheese” from Other Countries: How Bad Guys Use Power to Steal Money! Hey everyone! Let’s talk about Senior Foreign Political Figures (SFPFs)—a fancy U.S. term for powerful people in other countries, like presidents, ministers, or generals. These folks aren’t bad by default, but their power makes…
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Day 240: Selective Sanctions
#Quickbitecompliance day 240 🚨 How “Selective Sanctions” Help Catch Bad Guys (And How They Try to Cheat!) 🚨 Did you know countries sometimes freeze only the money of bad guys—not whole countries? This is called #SelectiveSanctions or #TargetedSanctions. It’s like taking away a villain’s magic wand instead of destroying the whole kingdom! But guess what?…
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Day 239: Seized
#QuickbiteCompliance day 239 🚨 The Candy Bar Heist: How Cops “Seize” Bad Guys’ Loot! Imagine your principal catches a kid stealing candy bars. Instead of just freezing the candy (saying, “Don’t eat it yet!”), she SEIZES it—grabbing the bars and locking them in her desk. The candy still belongs to the kid, but now the…
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Day 238: Sector Sanction Identification List (SSI List)
#QuickbiteCompliance day 238 🚨 Understanding the SSI List: How Sanctions Help Stop Financial Crime 🚨 Did you know there’s a special list called the Sectoral Sanctions Identification (SSI) List? It’s different from the SDN List (which blocks all dealings with bad actors). The SSI List only restricts certain sectors—like energy or finance—to weaken rogue regimes…
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Day 237: Sectoral Sanctions
#QuickbiteCompliance day 237 🚀 Sectoral Sanctions: A Smarter Way to Stop Financial Crime? Did you know there’s a type of financial restriction that doesn’t just block one person or one company—but an entire sector of a country’s economy? It’s called #SectoralSanctions, and it’s like putting a “Do Not Enter” sign on certain money moves with…
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Day 236: Second Line of Defense
#QuickbiteCompliance day 236 🚀 The Silent Guardians: How Your Second Line of Defense Stops Financial Criminals You know superheroes who work behind the scenes? In banks and companies, the Second Line of Defense (2LOD) is exactly that! They’re the unsung heroes—like Compliance Officers, HR, and Tech teams—who build shields against bad guys trying to move…
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Day 235: Automated Screening Tools
#QuickbiteCompliance day 235 🚀 How Bad Guys Trick Automated Screening Tools (ASTs) – And How to Stop Them! Did you know that criminals can sneak past high-tech security systems just like hiding in a video game? 🤯 Automated Screening Tools (ASTs) help banks catch bad guys, but sometimes, the bad guys find clever ways to…
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Day 234: Scope of Permitted Activities
#QuickbiteCompliance day 234 🚦 Sanctions: What You CAN Do vs. What Needs a Pass (License)! Ever played a game where some moves are free, but others need special permission? Sanctions work the same way! Let’s break down: — ### ⚖️ The Rules 1. ✅ Permitted Without License: – Humanitarian Aid: Sending food, medicine, or vaccines…
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Day 233: Scope of Licensing
#QuickbiteCompliance day 233 🔍 Understanding Licensing Scopes: Why It Matters in Fighting Financial Crime Did you know that a company’s license determines exactly what it can and cannot do with your money? �💸 For example, if a firm is holding frozen assets (money that can’t be moved), can it transfer some to a creditor? Only…
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Day 232: Sanctions Regime
#QuickbiteCompliance day 232 🚨 How “Sanctions Regimes” Stop Bad Guys (And How They Try to Cheat) 🚨 Did you know countries have special rules called “sanctions regimes” to stop criminals, terrorists, and dangerous governments from using money for harm? These rules freeze bad guys’ funds, ban trade with them, and cut off their access to…