#QuickbiteCompliance day 257
🚨 The “Invisible Money” Trick: How Criminals Hide in Plain Sight
Imagine sending a secret message where you remove the sender’s name and address so no one knows where it came from. That’s “Stripping”—a sneaky way bad guys move dirty money across borders 🌍💸. Here’s how it works:
—
### 🔍 The Candy Smuggler Example (For Kids!)
1. The Problem:
– Little Ana in Country X wants to send stolen candy 🍫 to her friend Ben in Country Y.
– But Country Y bans candy from Country X!
2. The Trick:
– Ana first sends the candy to Charlie in Country Z.
– Charlie removes Ana’s name from the box and writes his own.
– Now the candy enters Country Y “from Charlie”—and no one knows it’s really from Ana!
👉 Real-world version: Criminals strip names of sanctioned people/businesses from wire transfers so banks won’t block them .
—
### ⚠️ Why This Hurts Everyone
– Stripped wires fund terrorism, drugs, and trafficking .
– Banks face $18 BILLION+ in fines for missing these tricks .
– You pay the price: Higher bank fees, less safe communities 😔.
—
### 🛡️ Fighting Back: Tech to the Rescue!
New tools are making stripping harder:
– AI Detectives: Algorithms spot “edited” payments by comparing past transactions (e.g., “Why did this $1M wire from Dubai suddenly hide the sender’s details?) .
– Global teamwork: Laws now force banks to share cleaner data 🕵️♂️🌐 .
– #InclusiveRegtech: Affordable tools help small banks catch stripped wires—not just Wall Street giants.
– #OpenSourceAML: Transparent tech lets everyone improve anti-crime systems (no more “black boxes”)!
—
### 💡 Your Power? Stay Curious!
Ask your bank: “How do you screen for stripped payments?”
The more we demand transparency, the harder we make it for criminals 🙌.
Source: [ACAMS Glossary of Terms](https://www.acams.org/en/resources/aml-glossary-of-terms)
#FinancialCrime #Stripping #AML #Sanctions #InclusiveRegtech #OpenSourceAML #100HariNulis #AntiMoneyLaundering #Fintech #StaySafe