#QuickBiteCompliance Day 33
🌐 Understanding Benami Accounts and How They Help Bad Guys Hide Money!
Hey everyone! Let’s talk about something called Benami Accounts—a type of secret account that’s used in shady ways! 🌫️
What is a Benami Account?
Think of a Benami Account like a secret bank account. It’s opened by one person, but they’re really just pretending. The money actually belongs to someone else, who’s hiding in the background! These accounts are often used to disguise who really owns the money.
How Bad Guys Use Them in Crime
Some people use Benami Accounts in tricky ways to avoid getting caught. Here’s how:
1. Hiding Where the Money Comes From 🌍
Imagine a person with stolen money in one country. Instead of sending it directly to themselves in another country, they use a Benami Account to keep it a secret. It looks like the money belongs to someone else, but it’s really theirs!
2. Moving Money with Fake Names 🕵️
Sometimes, bad guys don’t want others to know where they’re sending or receiving money. They use a Benami Account with a fake name so no one can tell where the money is really going or who it’s from. This is often used in something called “Hawala,” a secret money-moving system.
3. Paying People in Secret 💵
Let’s say someone wants to pay another person for something illegal. Instead of paying them directly, they use a Benami Account so nobody can trace the payment back to them.
Benami Accounts are a sneaky way for criminals to hide their actions and money trails. That’s why experts like us work hard to spot these accounts and stop financial crime!
👉 If we understand these tricks, we can protect our financial systems and keep money safe from the bad guys!
#InclusiveRegtech #OpenSourceAML #BenamiAccounts
Source https://www.acams.org/en/resources/aml-glossary-of-terms
