#QuickBiteCompliance Day 142
Identifiers: The Digital Fingerprints That Help Catch Financial Criminals
Every person or company on a sanctions list has a unique set of details—like a fingerprint. These details, called identifiers, include names, birth dates, addresses, and even website URLs. Think of them as puzzle pieces that help investigators track down bad actors in the financial system.
How Criminals Try to Trick the System
🔸 Changing Their Name Slightly – A sanctioned person might alter a spelling (e.g., “Mohamed” vs. “Muhammad”) to avoid detection.
🔸 Using Fake Birthdates – Criminals create fake IDs with different birthdates to open bank accounts.
🔸 Moving to a New Country – A sanctioned entity may register under a different jurisdiction to continue business as usual.
🔸 Setting Up Shell Companies – Bad actors hide behind new company names with clean records to disguise illegal activities.
🔸 Switching Websites – Fraudulent companies shut down and relaunch under a new domain to stay hidden.
Why It Matters
If identifiers aren’t checked carefully, criminals can slip through the cracks, laundering money and funding illegal activities. That’s why smarter Regtech (Regulatory Technology) and Open Source AML solutions, like Mulai Console, help ensure that financial institutions detect the real bad actors while keeping legitimate customers safe.
💡 Learn more about financial crime terms here: https://www.acams.org/en/resources/aml-glossary-of-terms
#Sanctions #AML #FinancialCrime #KYC #RiskManagement #Regtech #InclusiveRegtech #OpenSourceAML #100HariNulis
