Tag: terms
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Day 64: Counterparty
#QuickBiteCompliance Day 64 Who’s on the Other Side of the Deal? Let’s Talk About Counterparties 🤝💰 Every time you buy something, there’s someone on the other side selling it to you. That person or business is called a counterparty. This is the same for banks and companies—they make deals with counterparties all the time. Sounds…
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Day 63: Correspondent Bank
#QuickBiteCompliance Day 63 How “Banking for Banks” Can Help or Hurt the World 🌍💸 Imagine your bank needs help moving money to another country. Instead of doing it alone, they ask a bigger, international bank to help. This is called Correspondent Banking. The big bank (the “correspondent bank”) helps smaller banks (the “respondent banks”) with…
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Day 62: Corporate Vehicle
#QuickBiteCompliance Day 62 🚨 Beware of the Tricks Bad Guys Use to Hide Their Money! 💰 Have you ever heard of “corporate vehicles”? 🏢 No, they’re not cars 🚗—they’re types of businesses like private companies, trusts, or partnerships. These businesses can be used for good things, like creating jobs and helping communities. But sometimes, bad…
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Day 61: Control Effectiveness
#QuickBiteCompliance Day 61 How Strong Are Your Defenses Against Financial Crime? Imagine you’re building a sandcastle at the beach. You know the waves are coming, so you build walls to protect it. If the walls are weak or too small, the waves will easily wash it away. But if your walls are strong and tall,…
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Day 60: Consolidation of Goods
#QuickBiteCompliance Day 60 How Bad Guys Hide Things in Plain Sight! Let’s talk about consolidation of goods – a sneaky trick bad guys use to break the rules. Imagine if someone hid a toy you’re not allowed to bring to school inside a bag full of pencils and notebooks. Because the bag looks normal, no…
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Day 59: Confiscation
#QuickBiteCompliance Day 59 Taking Back What Belongs to Everyone! Let’s talk about confiscation (a big word, but an important one!). Think of it this way: if a bully steals lunch money, a teacher steps in and gives it back to the rightful owner or keeps it safe so the bully can’t take it again. In…
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Day 58: Confidentiality
#QuickBiteCompliance Day 58 Protecting Secrets to Stop Bad Guys! Let’s talk about confidentiality – or, in simpler terms, keeping secrets safe! 🚨 Imagine you told your best friend a secret, but they told everyone. That would be pretty bad, right? Now think about this on a much bigger scale – like banks and money. In…
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Day 57: Concentration Risk
#QuickBiteCompliance Day 57 What’s Concentration Risk? Let’s Simplify It! Think of a farmer who only grows apples. If a storm destroys the apple trees, the farmer has nothing left to sell. That’s called concentration risk—putting too much in one place and risking it all if something goes wrong. For banks, concentration risk works like this:1️⃣…
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Day 56: Concentration Account
#QuickBiteCompliance Day 56 What’s a Concentration Account? Let’s Make It Simple! Imagine if all the money from your class lemonade stands was mixed together in one big jar. You wouldn’t know who sold what or how much each person earned—it’s all just in there. That’s kind of how a concentration account works! Banks use these…
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Day 55: Comprehensive Sanctions
#QuickBiteCompliance Day 55 What Are Comprehensive Sanctions? Let’s Break It Down! Imagine if your school said, “No one can trade snacks with a certain group of kids because they keep breaking the rules.” That’s a bit like comprehensive sanctions in the real world! These sanctions mean that one country says, “We won’t trade, send money,…