Category: Terms
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Day 40: Black Market Peso Exchange
#QuickBiteCompliance Day 40 🌍 Understanding the Black Market Peso Exchange (BMPE): How Some “Bad Guys” Hide Money Using Trade 💸 Imagine you have a piggy bank full of dollars that you can only use in the U.S., but you live in Colombia where you need pesos. For some people, trading money this way isn’t about…
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Day 39: Blacklist
#QuickBiteCompliance Day 39 🌍 Understanding Blacklists and Fighting Financial Crime! 🌍 Hey everyone! Ever wonder how companies try to keep “bad guys” out of our financial systems? One way they do this is by using something called a blacklist. 📋 Imagine a list of names, like a “No Entry” list. If you’re on this list,…
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Day 38: Bill Stuffing
#QuickBiteCompliance Day 38 🎲 Money Laundering Trick: Bill Stuffing at Casinos 🎲 Ever heard of “bill stuffing”? It sounds harmless, but it’s a sneaky way bad guys try to hide dirty money! Here’s how it works: Imagine someone goes to a casino with a lot of cash. They move from slot machine to slot machine,…
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Day 37: Bill of Lading
#QuickBiteCompliance Day 37 🚢 Understanding the Bill of Lading & How Bad Guys Misuse It 🚢 A Bill of Lading (BOL) is an important piece of paper used in shipping. It’s like a receipt that says, “Hey, we’ve got your cargo!” It tells you what’s inside the shipment, how much of it there is, and…
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Day 36: Bill of Exchange
#QuickBiteCompliance Day 36 🌍💸 What is a Bill of Exchange? And How Can It Be Misused? 💸🌍 Let’s break down a big term: Bill of Exchange. Imagine you’re selling your lemonade to someone across town, but instead, this is a much bigger deal: it’s lemonade being shipped from one country to another. A Bill of…
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Day 35: Beneficiary
#QuickBiteCompliance Day 35 Understanding Beneficiaries in Financial Crime – An Explainer for Everyone In financial transactions, the beneficiary is the person or group who receives the benefits or the money. Beneficiaries can be people, companies, or even families set up in legal structures like trusts. However, in the world of financial crime, the term “beneficiary”…
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Day 34: Beneficial Owner
#QuickBiteCompliance Day 34 👀 Who is the “Beneficial Owner”? Let’s Find Out! Hey everyone! Let’s talk about something called a Beneficial Owner and why it’s important in the fight against financial crime. 🌍💸 What is a Beneficial Owner?Think of a beneficial owner as the real boss behind the scenes. They’re the real person who owns…
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Day 33: Bename Accounts
#QuickBiteCompliance Day 33 🌐 Understanding Benami Accounts and How They Help Bad Guys Hide Money! Hey everyone! Let’s talk about something called Benami Accounts—a type of secret account that’s used in shady ways! 🌫️ What is a Benami Account?Think of a Benami Account like a secret bank account. It’s opened by one person, but they’re…
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Day 32: Bearer Shares
#QuickBiteCompliance Day 32 💡 What Are Bearer Shares? And Why Do They Matter in Financial Crime 💡 Let’s talk about something called bearer shares. Imagine a “secret ticket” that you own simply by holding it in your hands. It doesn’t have your name or anyone else’s on it, just the words “To Bearer.” Whoever has…
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Day 31: Bearer Negotiable Instruments
#QuickBiteCompliance Day 31 💸 What Are Bearer Negotiable Instruments? And How Do Bad Guys Use Them? 💸 Hey everyone! Let’s talk about something called Bearer Negotiable Instruments – sounds tricky, but it’s actually pretty simple! 💰 What Are Bearer Negotiable Instruments? Think of these as money on paper! Some examples are checks, promissory notes, and…