Category: Terms
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Day 59: Confiscation
#QuickBiteCompliance Day 59 Taking Back What Belongs to Everyone! Let’s talk about confiscation (a big word, but an important one!). Think of it this way: if a bully steals lunch money, a teacher steps in and gives it back to the rightful owner or keeps it safe so the bully can’t take it again. In…
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Day 58: Confidentiality
#QuickBiteCompliance Day 58 Protecting Secrets to Stop Bad Guys! Let’s talk about confidentiality – or, in simpler terms, keeping secrets safe! 🚨 Imagine you told your best friend a secret, but they told everyone. That would be pretty bad, right? Now think about this on a much bigger scale – like banks and money. In…
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Day 57: Concentration Risk
#QuickBiteCompliance Day 57 What’s Concentration Risk? Let’s Simplify It! Think of a farmer who only grows apples. If a storm destroys the apple trees, the farmer has nothing left to sell. That’s called concentration risk—putting too much in one place and risking it all if something goes wrong. For banks, concentration risk works like this:1️⃣…
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Day 56: Concentration Account
#QuickBiteCompliance Day 56 What’s a Concentration Account? Let’s Make It Simple! Imagine if all the money from your class lemonade stands was mixed together in one big jar. You wouldn’t know who sold what or how much each person earned—it’s all just in there. That’s kind of how a concentration account works! Banks use these…
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Day 55: Comprehensive Sanctions
#QuickBiteCompliance Day 55 What Are Comprehensive Sanctions? Let’s Break It Down! Imagine if your school said, “No one can trade snacks with a certain group of kids because they keep breaking the rules.” That’s a bit like comprehensive sanctions in the real world! These sanctions mean that one country says, “We won’t trade, send money,…
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Day 54: Compliance
#QuickBiteCompliance Day 54 Understanding Compliance: Protecting Our World from Bad Guys Think of compliance as the “rules of the game.” Imagine you’re playing soccer. Everyone agrees to follow the rules, like no hands except for the goalie. If someone cheats, the game isn’t fair anymore. Compliance works the same way in the world of money…
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Day 53: Commission Rogatoire
#QuickBiteCompliance Day 53 🌍 How Countries Work Together to Stop Bad Guys Using “Commission Rogatoire” 💌⚖️ Imagine you’re in a school play, and you need a prop from another classroom. You write a polite letter asking the teacher in that room to borrow it. In the world of stopping financial crime, countries do something similar…
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Day 52: Collection Accounts
#QuickBiteCompliance Day 52 🌍 How Some Bad Guys Hide Money Using “Collection Accounts” 💰 Have you ever saved your allowance in a piggy bank and then given it to someone to send to a family member far away? That sounds simple and innocent, right? But sometimes, bad guys use something similar called “collection accounts” to…
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Day 51: CICAD
#QuickBiteCompliance Day 51 How CICAD Helps Stop the Bad Guys Imagine you and your friends create rules for your soccer game to keep it fair. Now imagine countries coming together to make rules to stop bad guys—this is kind of what CICAD does! CICAD stands for the Inter-American Drug Abuse Control Commission. It’s like a…
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Day 50: Cashier Check
#QuickBiteCompliance Day 50 What’s a Cashier’s Check, and How Do Bad Guys Misuse It? Imagine you want to pay someone without using cash. A cashier’s check is like a super-safe IOU from the bank. You give the bank money, and they write a check from their account instead of yours. It’s trusted because it’s backed…