Category: Terms
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Day 198: Partial Match
#QuickBiteCompliance Day 198 🚨 Catching the “Almost Twins”: Why Partial Matches Matter in Fighting Crime 🚨 Imagine you’re playing a game of “Spot the Difference” with a twist: one tiny change—a letter swapped, a birthday shifted—could let a bad guy sneak into a bank, a business, or even a country. That’s the sneaky world of…
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Day 197: Originator
#QuickBiteCompliance Day 197 🔍 The “Invisible Sender” Problem: How Criminals Exploit Originators Imagine you send a birthday gift to a friend, but the box has no return address. The Originator is like that return address—it’s who sent the money. Banks need this info to track where cash comes from. But guess what? Bad guys love…
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Day 196: OECD
#QuickBiteCompliance Day 196 🌍 The “Homework Club” for Countries (And How Criminals Try to Cheat) Imagine if all your friends did group homework to make sure everyone gets an A+. The OECD is like that club—but for countries! It helps governments fix money rules, fight crime, and share tips. Inside this club, there’s a special…
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Day 195: Operational Risk
#QuickBiteCompliance Day 195 🚨 When “Oops!” Becomes a Crime Magnet: The Hidden Danger of Operational Risk Think of a bank like a giant robot. Its job is to protect money, follow rules, and keep things running. But if the robot’s gears jam (systems fail), its eyes glitch (employees make mistakes), or its armor cracks (hackers…
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Day 194: Omnibus Account
#QuickBiteCompliance Day 194 🚀 Let’s Talk About “Secret” Bank Accounts (And How Criminals Abuse Them) Imagine you and your friends put your money into one big piggy bank. The bank only sees the group’s money, not who gave what. That’s an Omnibus Account! Now, picture a “helper” account that moves money between banks like a…
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Day 193: Offshore Financial Centres
#QuickBiteCompliance Day 193 🌍 Offshore Financial Centers: The Secret Hideouts of Dirty Money (Simplified!) Imagine a secret hideout where bad guys stash their treasure, far away from cops and rules. That’s kinda what Offshore Financial Centers (OFCs) are like—places where companies and banks exist but don’t really operate locally. Think sunny islands near big countries…
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Day 192: Offshore Banking License
#QuickBiteCompliance Day 192 🌍 Offshore Banking Licenses: A Double-Edged Sword in Fighting Financial Crime 🕵️♂️ Imagine a bank that’s only allowed to serve people from other countries and can’t use the local money. Sounds like a secret club, right? That’s what an offshore banking license can look like. While these licenses help countries attract global…
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Day 191: Offshore
#QuickBiteCompliance Day 191 🌍 Offshore: Not Just Beaches and Palm Trees 🌴 Imagine hiding your piggy bank at a friend’s house where your parents can’t find it. Now, picture bad guys doing the same thing—but with millions of dollars. That’s how “offshore” works in the world of money crimes. When someone says “offshore,” they mean…
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Day 190: OSFI
🚨 Let’s Talk About Canada’s Financial Guardians & How Bad Guys Try to Trick Them! 🚨 Imagine you’re playing a game where everyone follows rules to keep things fair. In Canada, there’s a group called OSFI (Office of the Superintendent of Financial Institutions) that makes sure banks and other money-handling places play by the rules.…
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Day 189: OFAC
#QuickBiteCompliance Day 189 🚨 Let’s Talk About OFAC: The “No-No List” Protecting Our Money 🌎 Imagine your teacher has a “naughty list” of kids who aren’t allowed to trade snacks at recess. The Office of Foreign Assets Control (OFAC) is like that—but for grown-ups! This U.S. Treasury team keeps a Specially Designated Nationals (SDN) list…