Day 216: Reporting Requirements, Initial and Periodic

#QuickbiteCompliance day 216

🚨 Why Financial Reporting Requirements Matter in Fighting Crime 🚨  

Did you know banks and financial institutions have to file special reports when they spot suspicious or blocked transactions? 📝 These “initial” and “periodic” reports help authorities track dirty money—but criminals still find ways to cheat the system.  

### How Bad Actors Exploit Weak Reporting 💸  

🔹 Delaying Detection – Criminals move money quickly before an “initial report” is filed.  

🔹 Hiding Behind Fake Names – Using multiple accounts to avoid triggering periodic reviews.  

🔹 Misreporting Blocked Funds – Falsely claiming assets are “clean” to avoid freezing.  

🔹 Exploit Slow Updates – Taking advantage of gaps between periodic reports to launder money.  

Strong #InclusiveRegtech & #OpenSourceAML solutions (like those in Mulai Console) help automate reporting, close loopholes, and keep compliance sharp! ⚡  

📖 Learn key AML terms: [ACAMS Glossary](https://www.acams.org/en/resources/aml-glossary-of-terms)  

#AML #Compliance #FinancialCrime #Sanctions #RegTech #AntiMoneyLaundering #100HariNulis