Day 157: KYC

#QuickBiteCompliance Day 157

🚀 Keeping Our Money Safe: The Superheroes Called KYC and AML! 🦸♂️💸 

Hey friends! Let’s talk about something super important but easy to understand: KYC (Know Your Customer) and AML (Anti-Money Laundering). Think of them like secret tools banks and businesses use to stop “bad guys” from hiding sneaky money tricks! 

Here’s how it works: 
Imagine you’re having a playdate. Your mom asks, “Who’s coming over? What’s their name?” That’s KYC! Banks do this too—they check IDs, ask questions, and make sure you’re really you. Then, AML is like your mom watching to see if anyone’s sneaking cookies when they shouldn’t. It spots weird stuff, like if your friend suddenly brings 100 toys to trade (but usually only brings 2). 

How do bad guys try to cheat? Let’s see… 
1️⃣ Fake Friends (Identity Theft): Criminals pretend to be someone else using fake IDs to open bank accounts. Imagine if a stranger wore a mask of your face to sneak into your house! 
2️⃣ Money Hiding Games (Layering): They move dirty money through lots of accounts, like passing a ball through 10 friends’ hands to confuse who threw it first. 
3️⃣ The “Clean” Café Trick: A criminal buys a coffee shop but pours illegal cash into the register, making it look like extra lattes sold. Without good AML, no one notices the “coffee” money is fake! 

The good news? Tools like #InclusiveRegtech and #OpenSourceAML (like Mulai Console’s tech!) are making it easier for everyone to fight back. They’re like superhero teams sharing gadgets so even small businesses can spot sneaky money moves! 

Let’s keep money safe for everyone! 🌍 
👉 Learn more about AML terms here: [ACAMS Glossary](https://www.acams.org/en/resources/aml-glossary-of-terms) 

#FinancialSafety #StopMoneyLaundering #SmartTech #100HariNulis 
P.S. Share this post to help others become money superheroes too! 💪