Tag: terms
-
Day 219: Restrictive Measures
#QuickbiteCompliance day 219 🚫 Stop Bad Guys from Bypassing Sanctions! 🚫 Did you know that bad guys try to sneak around rules called sanctions? Sanctions are like a “STOP” sign from governments to block criminals, terrorists, and corrupt leaders from moving money. But these sneaky criminals find ways to cheat! ### How Do They Do…
-
Day 218: Respondent Bank
#QuickbiteCompliance day 218 🚨 How Criminals Exploit “Respondent Banks” to Move Dirty Money 🚨 Did you know that some banks act as a “middleman” for other banks? These are called respondent banks—banks that rely on bigger “correspondent banks” to handle transactions for them, especially in different countries. While this system helps move money globally, criminals…
-
Day 217: Reputation Risk
#QuickbiteCompliance day 217 Why Reputation is a Bank’s Superpower (and How Criminals Try to Steal It) Think of a bank’s reputation like a superhero’s cape—if it gets torn, people stop believing they can save the day. Reputational risk is when bad news (true or not) makes customers lose trust in a bank. And once trust…
-
Day 216: Reporting Requirements, Initial and Periodic
#QuickbiteCompliance day 216 🚨 Why Financial Reporting Requirements Matter in Fighting Crime 🚨 Did you know banks and financial institutions have to file special reports when they spot suspicious or blocked transactions? 📝 These “initial” and “periodic” reports help authorities track dirty money—but criminals still find ways to cheat the system. ### How Bad Actors…
-
Day 215: Remittance Services
#QuickbiteCompliance day 215 🚨 How Remittance Services Can Be Misused for Financial Crime 🚨 Did you know that remittance services (also called giro houses or casas de cambio) help people send money abroad but can also be exploited by criminals? 💸 Here’s how bad guys misuse them: 🔹 Structuring (Smurfing) – Criminals split large amounts…
-
Day 214: Regulatory Agency
#QuickbiteCompliance day 214 🏛️ Regulatory Agencies: The Financial Crime Police – But Can Criminals Trick Them? Think of regulatory agencies as the “financial police” – they make rules, check banks, and stop money laundering. But just like thieves study security systems, criminals find ways to exploit gaps in regulation. ### 🚨 How Do Bad Actors…
-
Day 212: Red Flag
#QuickbiteCompliance day 212 🚩 Red Flags in Financial Crime: The Warning Signs You Should Never Ignore Imagine your fire alarm starts beeping—you wouldn’t just remove the batteries and go back to sleep. In financial crime, red flags are like that alarm: they warn us something’s wrong. But criminals count on people ignoring them. ### How…
-
Day 211: Reasonable Cause (To Suspect)
#QuickbiteCompliance day 211 🔍 “Reasonable Cause to Suspect” – The Fine Line Between Vigilance and Oversight in Fighting Financial Crime 🚦 Imagine you’re a teacher, and a student suddenly brings a shiny new phone every day—but you know they don’t have pocket money. You don’t have proof they stole it, but something feels off. That…
-
Day 210: RTGS
#QuickbiteCompliance day 210 🚨 How Criminals Exploit “Instant Money Transfers” (RTGS) – And How to Stop Them 💸🔍 Imagine sending cash to a friend, and it arrives instantly—no waiting, no delays. That’s the power of Real-Time Gross Settlement (RTGS), the system banks use for large, urgent transfers. But while RTGS makes business faster, criminals love…
-
Day 207: Private Banking
#QuickbiteCompliance day 207 🚨 How Crooks Hide Dirty Money in “Private Banking” 🚨 Did you know some super-rich people use special bank services called Private Banking? It’s like VIP banking—super private, with fancy investments, secret accounts, and big loans. But guess what? Bad guys LOVE abusing these services to hide stolen money! 💸 ### How…