#QuickBiteCompliance Day 110
🛑 External Evasion: How Some Sneaky Tricks Bypass Sanctions
Imagine you’re playing a game where some players have to sit out because they broke the rules. But instead of sitting out, they find sneaky ways to stay in the game. That’s kind of what happens with “external evasion” in the world of finance.
This happens when a customer—or someone they work with—finds a way to break the rules (like sanctions) without anyone inside the company knowing about it. It’s like a bad guy sneaking through a secret door while everyone else is focused on the main entrance.
Here’s how they do it:
1️⃣ Fake Friends: They set up fake companies or use middlemen (like someone pretending to be your friend) to hide their real identity.
2️⃣ Hidden Routes: Instead of sending money directly to a banned country, they send it through several “safe” places to confuse everyone.
3️⃣ Disguised Goods: They ship banned products to a “safe” country first, then secretly send them to where they’re not allowed.
Why should we care?
Because this kind of trickery funds things like illegal weapons, terrorism, and other harmful activities. Businesses can get into BIG trouble if they unknowingly help these rule-breakers, even if it’s by accident.
What can we do?
✔️ Always double-check who you’re working with.
✔️ Be suspicious of unusual money flows or deals that don’t make sense.
✔️ Stay updated on sanctions and train your team to spot these sneaky moves.
Together, we can stop the bad guys and keep the financial system safe!
#SanctionsCompliance #FinancialCrime #AntiMoneyLaundering #AML #RiskManagement #ComplianceMatters #StopTheBadGuys #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
