#QuickBiteCompliance Day 76
🚨 Stop Bad Guys from Using Frozen Funds! 🚨
Imagine you have a jar of cookies that you’re not allowed to touch. Why? Because those cookies belong to someone who broke the rules. You can’t eat them, move them, or even give them to someone else. If you do, you’re breaking the rules too.
This is exactly how financial institutions must treat frozen funds. These are funds belonging to people or groups involved in things like crime or terrorism. Moving or using these funds—even by accident—can make it easier for bad guys to continue their harmful activities.
How do bad guys try to cheat the system?
🌍 Moving money around: Transferring frozen funds to new accounts so it looks like they’re “clean.”
🏢 Changing ownership: Putting the funds under someone else’s name to hide them.
💼 Portfolio tricks: Using investments to make the money grow, even though it’s supposed to stay untouched.
Why is this dangerous?
If financial institutions don’t strictly follow asset-freezing rules, these funds could end up funding illegal activities like terrorism, drug trafficking, or even cybercrime. That’s why it’s so important to keep these funds frozen and isolated—like cookies in a jar with a lock on it!
#StayAlert and #StopCrime by ensuring frozen funds stay frozen. Let’s keep the bad guys from using their cookie jars!
💡 Hashtags for Awareness:
#AntiMoneyLaundering #FinancialCrime #FrozenFunds #AML #ComplianceMatters #AssetFreezing #FinancialSecurity #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms#d-c6de0f58
