Tag: terms
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Day 177: Monitoring
#QuickBiteCompliance Day 177 🔍 Catching Sneaky Money Moves: How Banks Play Detective! 🕵️♂️💸 Imagine your piggy bank could tell when someone’s stealing cookies. That’s kinda what “monitoring” does for banks! Banks use smart tools to watch how people move money—like a detective spotting sneaky behavior. If your account suddenly goes from buying candy 🍭 to…
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Day 176: Moneyval
#QuickBiteCompliance Day 176 🚨 Let’s Talk About MONEYVAL: The Superhero Squad Fighting Dirty Money! 🦸♂️💸 Did you know there’s a team of experts working behind the scenes to stop bad guys from hiding stolen cash? Meet MONEYVAL—a group created by the Council of Europe to make sure countries have strong “shields” against money laundering. Think…
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Day 175: Money (Value) Transfer Services
#QuickBiteCompliance Day 175 💡 Sending Money Across the World? Let’s Talk Safety! Imagine you could mail cash to a friend in another country instantly—no bank needed! That’s what Money Transfer Services do. They help millions send funds globally, like a magic money tunnel 🌍💸. But guess what? Criminals sneak into these tunnels to move dirty…
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Day 174: Money Service Business
#QuickBiteCompliance Day 174 💡 What’s a “Money Services Business”? Let’s Keep It Simple! Imagine a giant money helper that lets people send cash across the world, swap currencies, or cash checks—even if they don’t have a bank account. That’s a Money Services Business (MSB)! 🏪💸 They’re super useful, but guess what? Criminals love to sneak…
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Day 173: Money Order
#QuickBiteCompliance Day 173 💡 Ever Heard of a Money Order? Let’s Break It Down (Like You’re 10!) A money order is like a “super-safe check” you buy with cash. People use it to pay bills or buy things when they don’t have a bank account, or when stores won’t take personal checks. Sounds helpful, right?…
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Day 172: MLRO
#QuickBiteCompliance Day 172 🚨 Meet the Money Detectives! 🕵️♂️💸 Did you know there’s a superhero in banks and companies who fights “dirty money”? Meet the Money Laundering Reporting Officer (MLRO)! Their job? To stop sneaky criminals from turning stolen cash into “clean” money. Think of them like a guard who spots fake coins in a…
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Day 171: Money Laundering
#QuickBiteCompliance Day 171 🚨 Money Laundering: Turning “Dirty Money” into Clean Cash… But We Can Stop It! 💧 Imagine a thief steals a muddy bike, then washes it, repaints it, and sells it as “new.” That’s money laundering—but with cash! Criminals use sneaky tricks to make illegal money (from drugs, corruption, etc.) look legal. Here’s…
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Day 170: Monetary Instruments
#QuickBiteCompliance Day 170 🛡️ Monetary Instruments: The “Invisible Money” Criminals Love! 💸 Think of monetary instruments like magic money tickets: traveler’s checks, cashier’s checks, money orders, or even stocks that can be passed around like cash. They’re supposed to make payments easier, but bad guys turn them into tools for sneaky crimes. 🎫✨ Here’s how…
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Day 169: Mirror Trades
#QuickBiteCompliance Day 169 🔍 Mirror Trades: The Sneaky Money Swap Game! 💸 Imagine two kids trading the exact same toy in different playgrounds, but using different currencies. That’s a mirror trade! 🪙➡️💵 Businesses use them legally to manage currency risks, but bad guys twist this tool to hide dirty money. Here’s how criminals play the…
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Day 168: MENAFATF
#QuickBiteCompliance Day 168 🌍 MENAFATF: The Middle East & North Africa’s Crime-Fighting Squad! 🛡️ Imagine a group of superheroes from different countries, all teaming up to stop villains from hiding money, funding terrorism, or scamming innocent people. That’s MENAFATF! Created in 2004, this alliance helps countries across the Middle East and North Africa fight financial…