#QuickBiteCompliance Day 104
🔍 What is Event-Triggered Monitoring? Let’s Keep It Simple!
Imagine you’re in charge of a cookie jar, and you notice that every time someone switches their jar or moves their cookies to a different shelf, it’s usually because they’re trying to sneak more cookies or hide them. Your job? Keep an eye out for these moves!
In the financial world, we call this event-triggered monitoring. It’s like being a detective whenever something changes with a customer—like where they live, where they work, or how they’re moving their money.
How do bad guys take advantage?
👀 Changing Locations: A business suddenly moves to a country with weak rules about money. It’s like moving their cookies to a shelf where no one’s watching.
📝 New Ownership: A company switches owners to someone shady, making it harder to see who’s really in charge.
💵 Weird Transactions: A customer suddenly starts moving a lot of money in or out, especially to risky places. It’s like someone grabbing all the cookies at once—something isn’t right!
Why is this important? These changes can be warning signs of financial crimes, like money laundering or evading sanctions.
How do we stop them?
🔎 Financial crime experts use event-triggered monitoring to catch these changes early and stop bad guys from doing harm. It’s like having a superpower to keep the cookie jar safe—and the world safer too!
#FinancialCrime #AML #EventTriggeredMonitoring #SanctionsCompliance #RiskManagement #StopFinancialCrime #ComplianceMatters #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
