Day 215: Remittance Services

#QuickbiteCompliance day 215

🚨 How Remittance Services Can Be Misused for Financial Crime 🚨  

Did you know that remittance services (also called giro houses or casas de cambio) help people send money abroad but can also be exploited by criminals? 💸  

Here’s how bad guys misuse them:  

🔹 Structuring (Smurfing) – Criminals split large amounts of money into smaller transfers to avoid detection.  

🔹 Fake Identities – They use stolen or fake IDs to send money anonymously.  

🔹 Trade-Based Laundering – They pretend the money is for fake invoices or goods.  

🔹 Funding Illegal Activities – Drug cartels and terrorist groups move money secretly.  

Remittance services are vital for many, especially migrant workers, but without proper checks, they can become a tool for crime. That’s why transparency, regulation, and smart AML tech are crucial!  

At Mulai Console, we support #InclusiveRegtech and #OpenSourceAML to make financial systems safer and fairer for everyone. 💡  

📖 Learn more about financial crime terms: [ACAMS Glossary](https://www.acams.org/en/resources/aml-glossary-of-terms)  

#FinancialCrime #AML #Remittance #FraudPrevention #100HariNulis #RegTech #AntiMoneyLaundering