#QuickBiteCompliance Day 93
💻💸 How Money Moves Electronically (And How Bad Guys Try to Sneak Through) 🚨
Imagine sending money from one piggy bank to another without using cash—just a computer! This is called Electronic Funds Transfer (EFT), and it’s how banks and businesses move money quickly and safely. 🏦✨
In the U.S., there are two main EFT systems:
1️⃣ FedWire: Like a super-speedy highway for money.
2️⃣ CHIPS: A smart system that bundles transfers to make them faster and cheaper.
Globally, there’s SWIFT! But SWIFT doesn’t actually move the money—it’s like a secret code system that tells banks how to send it.
How do bad guys use EFT for crime?
⚠️ Fake Companies: They create fake businesses and use EFT to move stolen or illegal money.
⚠️ Layering: Bad guys send money through many banks and countries using EFT to hide where it came from.
⚠️ Hacking: Criminals try to steal bank information and transfer money electronically to their accounts.
How do we stop them?
🔍 Banks and experts keep a close eye on unusual transfers (like huge amounts of money moving to strange places).
🤝 Teams around the world share tips to spot and block suspicious activities.
💡 Training and technology help us stay one step ahead of the bad guys!
EFTs make life easier for everyone, but we must work together to keep them safe and stop criminals from using them for harm.
#AntiFinancialCrime #EFT #CyberSecurity #MoneyLaundering #FinancialCrimePrevention #AML #SWIFT #FedWire #CHIPS #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
