Category: Terms
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Day 70: Currency Transaction Report
#QuickBiteCompliance Day 70 How Criminals Use Large Cash Transactions to Hide Their Tracks (And How We Fight Back!) Did you know that when someone brings a lot of cash—like over $10,000 in the U.S.—to a bank, the bank has to tell the government about it? This is called a Currency Transaction Report (CTR). It helps…
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Day 69: Currency Smuggling
#QuickBiteCompliance Day 69 🚨 Beware of Currency Smuggling! 💰✈️ Did you know that some “bad guys” try to move large amounts of cash across country borders without anyone knowing? This sneaky trick is called currency smuggling, and it’s one way criminals try to hide their illegal activities. Here’s how they do it: 🌍 They might…
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Day 68: Currency
#QuickBiteCompliance Day 68 💵 Money Matters: The Good, The Bad, and The Ugly Currency—whether it’s paper money, shiny coins, or digital dollars—is what we use to buy things like food, clothes, or even toys. But did you know that while most people use money for good, some bad guys try to misuse it to commit…
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Day 67: Cross Border
#QuickBiteCompliance Day 67 🌍 How Do Bad Guys Use Cross-Border Tricks to Commit Financial Crime? Let’s Make It Simple! Imagine you have $10 and you give it to your friend in another country. That’s called a cross-border transfer—moving money from one country to another. This is super useful for families, businesses, and travelers. But bad…
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Day 66: Criminal Proceeds
#QuickBiteCompliance Day 66 🔍 What Are “Criminal Proceeds” and How Do Bad Guys Use Them? Let’s Break It Down! Imagine someone steals a toy, sells it, and uses that money to buy candy. That candy was bought with criminal proceeds—money or things gained by breaking the rules. Now, let’s think bigger. Bad guys commit crimes…
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Day 65: Credit Cards
#QuickBiteCompliance Day 65 🔍 How Can Credit Cards Be Misused for Financial Crime? Let’s Simplify It! Imagine this: You have a magic card that lets you buy anything—clothes, toys, or even ice cream—but you don’t need to pay for it right away. That’s what a credit card does. You buy now, pay later. Most of…
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Day 64: Counterparty
#QuickBiteCompliance Day 64 Who’s on the Other Side of the Deal? Let’s Talk About Counterparties 🤝💰 Every time you buy something, there’s someone on the other side selling it to you. That person or business is called a counterparty. This is the same for banks and companies—they make deals with counterparties all the time. Sounds…
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Day 63: Correspondent Bank
#QuickBiteCompliance Day 63 How “Banking for Banks” Can Help or Hurt the World 🌍💸 Imagine your bank needs help moving money to another country. Instead of doing it alone, they ask a bigger, international bank to help. This is called Correspondent Banking. The big bank (the “correspondent bank”) helps smaller banks (the “respondent banks”) with…
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Day 62: Corporate Vehicle
#QuickBiteCompliance Day 62 🚨 Beware of the Tricks Bad Guys Use to Hide Their Money! 💰 Have you ever heard of “corporate vehicles”? 🏢 No, they’re not cars 🚗—they’re types of businesses like private companies, trusts, or partnerships. These businesses can be used for good things, like creating jobs and helping communities. But sometimes, bad…
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Day 61: Control Effectiveness
#QuickBiteCompliance Day 61 How Strong Are Your Defenses Against Financial Crime? Imagine you’re building a sandcastle at the beach. You know the waves are coming, so you build walls to protect it. If the walls are weak or too small, the waves will easily wash it away. But if your walls are strong and tall,…