#QuickbiteCompliance day 228
🚀 Keeping the Bad Guys Out: Why Sanctions Compliance Matters!
Did you know that bad guys try to sneak around rules to move money illegally? Just like how a school has rules to keep everyone safe, companies need rules too—especially to stop criminals from using banks and businesses for shady deals.
### 🕵️ How Do Criminals Break the Rules?
Bad actors love to hide behind fake companies, use secret bank accounts, or even trick honest businesses into helping them move money. For example:
– A criminal might pretend to sell medicine but is actually funding something dangerous.
– Someone could use a friend’s bank account to send money to a banned country without the bank knowing.
Without strong Sanctions Compliance Programs (SCP), these sneaky tricks can slip through!
### 🛡️ How Companies Fight Back
Businesses use SCPs—like a superhero checklist—to stay one step ahead:
1. Leaders must care (no shortcuts allowed!).
2. They check for risks (like looking for weak spots in a fort).
3. They set up rules (gates to block bad money).
4. They test their systems (practice drills for safety).
5. They train teams (teaching everyone to spot trouble).
The goal? Stop criminals before they cause harm—just like locking doors to keep thieves out!
🔗 Learn more about fighting financial crime: [ACAMS Glossary](https://www.acams.org/en/resources/aml-glossary-of-terms)
#SanctionsCompliance #StopFinancialCrime #InclusiveRegtech #OpenSourceAML #SmartRiskManagement #100HariNulis