#QuickBiteCompliance Day 83
🌍 Fighting Financial Crime Beyond Banks: Let’s Talk About DNFBPs! 🛑💰
Did you know that financial crime doesn’t just happen in banks? Bad guys (a.k.a. criminals) can hide their dirty money in other places too. That’s why the Financial Action Task Force (FATF) says certain businesses and professions, called Designated Non-Financial Businesses and Professions (DNFBPs), need to follow special rules to keep things clean.
Here are some examples:
🎲 Casinos: Criminals might use casinos to “wash” their dirty money by pretending it’s gambling winnings.
🏠 Real Estate Agents: They might buy fancy homes to hide stolen cash.
💎 Dealers in Precious Metals/Stones: Diamonds or gold can be bought with dirty money, then sold to make it “clean.”
🖋️ Lawyers, Notaries & Accountants: Some bad guys hire professionals to create fake companies or move money secretly.
🏢 Trust & Company Service Providers: These people help set up shell companies to hide the identity of the real owners (the bad guys!).
Here’s the scary part: If these businesses don’t follow the rules, it becomes easier for criminals to fund illegal activities like terrorism, drug trafficking, or corruption.
🔑 What’s the solution?
FATF recommends these businesses follow anti-money laundering (AML) standards, such as:
✔️ Verifying customers’ identities.
✔️ Reporting suspicious activities.
✔️ Keeping proper records.
Together, we can help stop financial crime!
#StopMoneyLaundering #FinancialCrime #AML #FATF #DNFBPs #Compliance #RiskManagement #Ethics #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
