#QuickBiteCompliance Day 101
🛡️ The EU Directive: Protecting Our Money from Bad Guys 🛡️
Imagine your school has rules to stop bullies from taking lunch money. The European Union (EU) has similar rules to stop bad people from using their stolen money or funding dangerous activities. These rules are called the EU Directive on Money Laundering and Terrorist Financing.
Since 1991, the EU keeps making the rules stronger (updated in 1997, 2005, 2015, and 2018). These rules don’t just apply to banks—they also cover accountants, art dealers, real estate agents, and even online gaming companies. Why? Because bad guys use all kinds of sneaky ways to hide their money.
Here’s how criminals try to beat the system:
Fake Buyers in Art Deals: They buy expensive paintings to hide stolen money.
Hidden Real Estate: They buy houses under fake names to keep their money safe.
Virtual Tricks: They use cryptocurrency exchanges to move money quickly and secretly.
💪 But thanks to these EU rules, companies must check who their customers really are and report anything suspicious. If they don’t follow the rules, there are big consequences!
Together, we can build a safer world where money is used for good, not harm.
#EUDirective #AntiMoneyLaundering #AML #FightFinancialCrime #TransparencyMatters #StopTerroristFinancing #SaferFuture #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
