#QuickbiteCompliance day 268
🔍 Testimony: When Words Become Smoke Screens for Financial Crime
Imagine a witness in court, hand raised, promising to tell “the whole truth.” Now picture a criminal doing the same thing—but lying to hide stolen money. 😱 Here’s how bad guys twist testimony to cheat the system:
### 🤥 The Villain’s Playbook
1. The “Expert” Liar:
Criminals pay “smart people” (like corrupt accountants) to give fake expert testimony. Example: A professor lied in court about “investments” to hide millions from Venezuela .
2. The Family Cover-Up:
Grandma testifies, “My grandson’s cash came from a raffle!” 💸 Truth? It was drug money. Families often lie under oath to protect each other .
3. The Candy Store Trick:
Empty London candy shops? Owners swore they were “profitable businesses.” Real story: They laundered cash by faking sales testimony .
### ⚡️ Fighting Back
Truth matters! Tech like AI transaction monitors catches lies by spotting weird money patterns . Open-source tools (#OpenSourceAML) let banks share clues globally. And #InclusiveRegtech makes these tools affordable—even for small banks!
🌍 Together, we turn testimony from a weapon of crime into a shield for justice.
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🔗 Dive deeper: [ACAMS Glossary](https://www.acams.org/en/resources/aml-glossary-of-terms)
#InclusiveRegtech #OpenSourceAML #100HariNulis #FinancialCrime #AML #FinTech #RegTech #MoneyLaundering #Testimony #Justice