#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