#QuickBiteCompliance Day 114
Facilitation: Helping Others Break the Rules (Without Getting Caught?)
Imagine your school bans you from eating candy. But your friend can eat as much as they want. So, you give them money to buy candy for you. That way, you still get to eat it—without breaking the rule directly. That’s called facilitation!
Now, think about this in the world of financial crime. Some people (Person A) are banned from doing business with certain countries or companies because of sanctions. But instead of following the rules, they ask someone else (Person B), who can do business with them, to help.
How Do Bad Guys Use This Trick?
1️⃣ Sneaky Bank Transfers: A company in a sanctioned country wants to send money, but their bank is blocked. So, they send money to a third-party business in another country, which then sends it to the final destination.
2️⃣ Fake Ownership: A sanctioned businessman is banned from trading internationally. So, they put the business in their friend’s name and continue operating in secret.
3️⃣ Hidden Shipping Routes: A banned company can’t send oil to another country. So, they transfer it to another ship in the middle of the ocean, change the paperwork, and make it look like the oil came from somewhere else.
Facilitation makes it harder to catch bad actors, but with smart technology and better regulations, we can track and stop these tricks.
Want to learn more? Check out this glossary of key financial crime terms: https://www.acams.org/en/resources/aml-glossary-of-terms
#SanctionsEvasion #FinancialCrime #AML #InclusiveRegtech #OpenSourceAML #100HariNulis
