Tag: terms
-
Day 83: Designated Non Financial Businesses and Professionals
#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…
-
Day 82: Designated Categories of Offense
#QuickBiteCompliance Day 82 💡 What Are “Designated Categories of Offense”? Let’s Break It Down! 💡 Did you know that bad guys (aka criminals) use money from their illegal activities to make it look “clean”? This is called money laundering. But where does that “dirty money” come from? That’s where Designated Categories of Offense come into…
-
Day 81: Denied Persons List
#QuickBiteCompliance Day 81 🌍 Beware of the Denied Persons List (DPL): Protecting Our Global Economy 🚫 Imagine you have a list of people you shouldn’t share your toys with because they broke important rules. That’s what the Denied Persons List (DPL) is like for businesses! This list, made by the U.S. government (BIS), includes individuals…
-
Day 80: Delivery Channel
#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…
-
Day 79: Delisting
#QuickBiteCompliance Day 79 Understanding “Delisting” and How Bad Guys Might Take Advantage Let’s talk about something called “Delisting.” Imagine you’re playing a game, and someone gets put on the “Time-Out” list for breaking the rules. They can’t play until they’ve shown they’re following the rules again. In the world of finance, a similar thing happens…
-
Day 78: Decision Tree
#QuickBiteCompliance Day 78 🚨 How to Spot the Bad Guys: A Simple Guide to Financial Crime Detection 💡 Imagine you’re a superhero trying to stop the bad guys from stealing money. You need a special tool to figure out who’s innocent and who might be up to no good. That’s where the Decision Tree and…
-
Day 77: Debit Card
#QuickBiteCompliance Day 77 💳 Understanding Debit Cards and How Bad Guys Might Misuse Them 💡 Let’s talk about debit cards! They’re like magical keys to your money, letting you buy snacks, toys, or even video games—either in a store or online. Debit cards take money straight from your bank account when you spend. You can…
-
Day 76: Dealing in Funds
#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…
-
Day 75: Database, Third Party
#QuickBiteCompliance Day 75 How Third-Party Databases Help Fight Financial Crime—and How Bad Guys Try to Beat Them Imagine you’re playing a detective game. You need to find clues about people or companies to see if they are honest or sneaky. Third-party databases are like big libraries full of clues! They include information from places like:…
-
Day 74: Customer Relationship
#QuickBiteCompliance Day 74 💡 The Key to Stopping Bad Guys: Building Strong Customer Relationships Let’s talk about why knowing your customers is so important. Imagine if someone tries to hide who they really are to sneak past the rules—sounds like a sneaky villain in a movie, right? But this happens in real life, especially in…