#QuickBiteCompliance Day 54
Understanding Compliance: Protecting Our World from Bad Guys
Think of compliance as the “rules of the game.” Imagine you’re playing soccer. Everyone agrees to follow the rules, like no hands except for the goalie. If someone cheats, the game isn’t fair anymore. Compliance works the same way in the world of money and business. It’s about following laws and rules so everyone plays fair.
But here’s the problem: some “bad guys” break these rules to commit financial crimes like stealing money, hiding illegal earnings, or even funding dangerous activities.
For example:
Fake Companies: Bad guys set up fake businesses to hide stolen money or make dirty money look clean.
Secret Bank Accounts: They open accounts in different countries using fake names to move money without getting caught.
Breaking Trade Rules: They ship goods but lie about their value or destination to move money illegally.
When businesses don’t follow compliance rules, it’s like leaving the door unlocked for these bad guys. But when they do, it’s like having strong locks and cameras to stop crime before it starts!
Let’s keep the game fair by following the rules.
#ComplianceMatters #FinancialCrime #AML #RiskManagement #FairPlay #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
