#QuickBiteCompliance Day 80
How Bad Guys Use Sneaky Delivery Channels for Financial Crime
Did you know that the way companies deliver their products and services—like through apps, brokers, or online banking—can make it easier for bad guys to do financial crimes? These methods, called delivery channels, can either protect us or create risks if they’re not managed carefully.
Here’s how some criminals use these delivery channels to do bad stuff:
Hiding Behind Others: When businesses rely on brokers or middlemen, criminals can sneak in and pretend to be legitimate customers. It’s harder to track who’s who!
No Face-to-Face Meetings: Without meeting in person, like with online banking or money transfer apps, it’s easier for fraudsters to use fake IDs or stolen identities to open accounts.
Fast Payments: Some services let money move so quickly that there’s no time to check if it’s legit. Criminals love this for moving dirty money fast!
For example, imagine a bad guy using an app to send money overseas, pretending to be someone else. They use fake documents, avoid detection, and move their stolen cash before anyone notices.
Businesses need strong checks in place, like verifying identities properly and monitoring suspicious activity, to stop these tricks.
💡 Let’s work together to build safer systems and protect everyone from financial crime!
#AntiFinancialCrime #SanctionsCompliance #DeliveryChannels #AML #FinancialSafety #FraudPrevention #OnlineBanking #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
