Category: Terms
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Day 170: Monetary Instruments
#QuickBiteCompliance Day 170 🛡️ Monetary Instruments: The “Invisible Money” Criminals Love! 💸 Think of monetary instruments like magic money tickets: traveler’s checks, cashier’s checks, money orders, or even stocks that can be passed around like cash. They’re supposed to make payments easier, but bad guys turn them into tools for sneaky crimes. 🎫✨ Here’s how…
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Day 169: Mirror Trades
#QuickBiteCompliance Day 169 🔍 Mirror Trades: The Sneaky Money Swap Game! 💸 Imagine two kids trading the exact same toy in different playgrounds, but using different currencies. That’s a mirror trade! 🪙➡️💵 Businesses use them legally to manage currency risks, but bad guys twist this tool to hide dirty money. Here’s how criminals play the…
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Day 168: MENAFATF
#QuickBiteCompliance Day 168 🌍 MENAFATF: The Middle East & North Africa’s Crime-Fighting Squad! 🛡️ Imagine a group of superheroes from different countries, all teaming up to stop villains from hiding money, funding terrorism, or scamming innocent people. That’s MENAFATF! Created in 2004, this alliance helps countries across the Middle East and North Africa fight financial…
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Day 167: Memorandum of Understanding
#QuickBiteCompliance Day 167 🚀 MOUs: The Secret Handshake That Stops Financial Crime! 🤝 Think of an MOU (Memorandum of Understanding) as a superhero team-up agreement. Countries, banks, or agencies pinky-promise to share clues, catch bad guys, and protect the money world. 🦸♂️🦸♀️ But criminals hate teamwork. Here’s how they exploit weak MOUs: – Playing “hide…
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Day 166: Mandatory Sanction Lists
#QuickBiteCompliance Day 166 🚨 Why Sanctions Lists Matter: Keeping the Bad Guys Out! 🌍 Imagine a giant “rulebook” that every country agrees on to stop bad guys from moving money, buying weapons, or funding harmful activities. That’s what mandatory sanctions lists are! They’re like a global “no-fly zone” for criminals, terrorists, and rogue governments. 📜 …
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Day 165: Look Back Review
#QuickBiteCompliance Day 165 🔍 Ever Played Detective with a Piggy Bank? Let’s Talk “Look-Back Reviews”! Imagine your piggy bank has a secret camera. If you rewind the footage, you could see exactly how many coins you saved last year… or if someone sneaky stole a few! That’s what a “Look-Back Review” does for banks. It’s…
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Day 164: LLC
#QuickBiteCompliance Day 164 🌍 “The Superhero Mask of Business: How LLCs Protect (And Sometimes Hide) the Bad Guys” Imagine you’re playing pretend, wearing a mask that makes you “someone else” so your piggy bank stays safe if your lemonade stand gets sued. That’s kind of what an LLC does! It’s a special business shield in…
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Day 163: License
#QuickBiteCompliance Day 163 🌍 “Why Do Rules Sometimes Bend? Let’s Talk Licenses (And How Bad Guys Try to Break Them)” Imagine you’re playing a game where everyone follows strict rules… except when the teacher hands out a “free pass” for special situations. That’s what licenses are in the world of financial rules! Governments use them…
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Day 162: Letter Rogatory
#QuickBiteCompliance Day 162 🌍 Unlocking Secrets Across Borders: How Criminals Exploit “Legal Letters”… and How We Stop Them! 🕵️♂️ Imagine you’re playing a game of hide-and-seek, but the hider can run to another country. How do you find them? Governments use something called a Letter Rogatory (or Commission Rogatoire)—a fancy “help request” sent between countries…
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Day 161: Letter of Credit
#QuickBiteCompliance Day 161 The Hidden Risks of Letters of Credit: How Criminals Exploit This Financial Tool Imagine you own a toy store and want to buy 1,000 teddy bears from a factory overseas. You don’t know the factory owner personally, so you ask your bank to issue a Letter of Credit (LC). This is like…