Category: Terms
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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…
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Day 231: Sanctions List
#QuickbiteCompliance day 231 🚨 Breaking Bad: How Criminals Exploit Sanctions Lists 🚨 Did you know that bad guys sometimes use Sanctions Lists—official lists of people, companies, or countries we’re not allowed to do business with—to hide their dirty money? 💰🕵️ Here’s how they do it: 1️⃣ Fake Identities – Criminals pretend to be someone not…
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Day 230: Sanctions Due Diligence
#QuickbiteCompliance day 230 🚀 Sanctions Due Diligence (SDD): Keeping Bad Guys Out of the Financial System! Did you know that just like banks check who you are before opening an account (KYC), they also have to make sure you’re not on a “bad guy list”? That’s called Sanctions Due Diligence (SDD)—a fancy way of saying…
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Day 229: Sanctions Evasion
#QuickbiteCompliance day 229 🚨 How Bad Guys Sneak Past the Rules: Sanctions Evasion Explained! �♂️💸 Imagine you’re playing a game where some players are banned—but they sneak in by changing their jerseys or pretending to be someone else. That’s what sanctions evasion looks like in finance! Bad actors hide their connections to sanctioned countries, companies,…
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Day 228: Sanctions Compliance Program
#QuickbiteCompliance day 228 🚀 Keeping the Bad Guys Out: Why Sanctions Compliance Matters! Did you know that bad guys try to sneak around rules to move money illegally? Just like how a school has rules to keep everyone safe, companies need rules too—especially to stop criminals from using banks and businesses for shady deals. ###…
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Day 227: Sanctions Compliance Officer
#QuickbiteCompliance day 227 🚨 Keeping the Bad Guys Out: The Superhero Role of a Sanctions Compliance Officer (SCO)! 🚨 Did you know banks and businesses have secret superheroes fighting financial crime? Meet the Sanctions Compliance Officer (SCO)—the guardian who stops bad guys from using money for illegal things like funding wars or smuggling. ### 🔍…
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Day 226: Sanctions Compliance
#QuickbiteCompliance day 226 🔍 Sanctions Compliance: The Rules That Keep Bad Guys in Check (And How They Try to Bend Them) 🔍 Think of sanctions compliance like a giant rulebook 📖 that stops criminals, terrorists, and corrupt leaders from using money or trade to do harm. Banks, businesses, and governments follow these rules to freeze…