#QuickBiteCompliance Day 96
💰 What is Embezzlement? How Some People Take What Doesn’t Belong to Them!
Imagine you were in charge of your class’s candy jar, and your teacher trusted you to hand out candy fairly. But instead of sharing, you secretly took some for yourself and didn’t tell anyone. That’s called embezzlement, and it’s a big problem in the real world!
Embezzlement happens when someone is trusted to take care of money or resources but uses it for themselves instead. Here’s how bad guys do it:
🏦 Stealing from Work: Someone working at a bank might take a little money from different accounts, hoping no one will notice.
💻 Changing the Records: A person might change numbers in a company’s books to make stolen money look like normal expenses.
🎭 Fake Expenses: A manager might submit fake bills, pretending they’re for work, but really they’re spending the money on vacations or fancy things for themselves.
Why does this matter? Embezzlement can hurt businesses, employees, and even entire communities. It’s up to experts like us to spot the signs and stop the bad guys!
#Embezzlement #FinancialCrime #TrustAndIntegrity #FraudPrevention #ComplianceMatters #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
