#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