Category: Terms
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Day 118: FATF
#QuickBiteCompliance Day 118 Fighting Financial Crime: How the FATF Protects the World Imagine a world where criminals can secretly move money to do bad things—like stealing from people, selling illegal stuff, or even funding dangerous groups. Scary, right? That’s why we have the Financial Action Task Force (FATF)! FATF is like a global rulebook for…
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Day 117: Final Rule Part 504
#QuickBiteCompliance Day 117 Why Banks Need Super-Smart Security Systems to Catch the Bad Guys Imagine you’re playing a video game where you have to stop villains from sneaking treasure out of a castle. But these villains are really sneaky! They try to hide the treasure in different places, wear disguises, or trick the guards. Banks…
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Day 116: False Positive
#QuickBiteCompliance Day 116 🚨 **What’s a “False Positive” in Financial Crime? Let’s Break It Down!** 🚨 Imagine you’re playing a game of “Guess Who?” but instead of people, you’re looking for bad guys on a list. Sometimes, the system thinks it found a match, but when you double-check, it’s NOT the right person. That’s called…
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Day 115: False Negative
#QuickBiteCompliance Day 115 🚨 The Danger of False Negatives in Financial Crime 🚨 Imagine a security guard at a school entrance checking names on a “do-not-enter” list. A bad guy walks up, but because his name is slightly different or misspelled, the guard lets him in. That’s a false negative—a dangerous mistake that allows the…
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Day 114: Facilitation
#QuickBiteCompliance Day 114 Facilitation: Helping Others Break the Rules (Without Getting Caught?) Imagine your school bans you from eating candy. But your friend can eat as much as they want. So, you give them money to buy candy for you. That way, you still get to eat it—without breaking the rule directly. That’s called facilitation!…
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Day 113: Extraterritorial Reach
#QuickBiteCompliance Day 113 How Criminals Use “Extraterritorial Reach” to Hide Dirty Money Imagine you’re playing a game of tag, but instead of just your backyard, the rules say you can chase someone across the entire neighborhood—even if they hide in a friend’s house! That’s kind of how extraterritorial reach works in financial crime laws. Some…
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Day 112: Extraterritorial Jurisdiction
#QuickBiteCompliance Day 112 Title: How “Laws That Cross Borders” Impact Financial Crime Imagine you’re playing a game of tag, and someone changes the rules for everyone—even kids on the other side of the playground. That’s kind of like what happens with something called extraterritorial jurisdiction. It’s when one country makes and enforces rules that also…
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Day 111: Extradition
#QuickBiteCompliance Day 111 🌍 Extradition: Stopping Bad Guys Who Try to Escape Justice! Imagine someone steals a big bag of candy from your school and runs away to another town, thinking no one can catch them. Sounds unfair, right? That’s kind of like extradition—but on a bigger scale! Extradition is when one country helps another…
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Day 110: External Evasion
#QuickBiteCompliance Day 110 🛑 External Evasion: How Some Sneaky Tricks Bypass Sanctions Imagine you’re playing a game where some players have to sit out because they broke the rules. But instead of sitting out, they find sneaky ways to stay in the game. That’s kind of what happens with “external evasion” in the world of…
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Day 109: Express Trust
#QuickBiteCompliance Day 109 What Is an Express Trust and How Do Bad Guys Misuse It? Let’s say your grandma writes a note saying, “This jar of cookies is for my grandkids, and I trust my neighbor to look after it for them.” That’s kind of like an Express Trust! An express trust is when someone…