#QuickbiteCompliance day 279
🚀 Ever Played Hide-and-Seek with Money? Meet the “Trustee”!
Imagine your friend lends you their piggy bank to buy toys for them . You promise to keep their money safe and only spend it on their wish list. That’s a trustee ! They hold assets (like cash, houses, or stocks) separately from their own money and follow rules set by the owner (“settlor”) .
But here’s the twist: Bad guys love to trick trustees!
### 🕵️ How Criminals Abuse Trusts:
1. The Sneaky “Owner” Switch :
A criminal poses as a “settlor” and sets up a fake trust. They appoint a trustee (who might be clueless or corrupt) to move dirty money. Example: Drug lords use offshore trusts to “invest” in real estate, hiding cash behind shiny buildings .
2. The Fake Charity Trick :
A thief donates stolen money to a trust they control (e.g., a fake “children’s fund”). The trustee invests it—but really, the cash buys yachts for the criminal! Kleptocrats (leaders who steal from their country) use this to hide public funds .
3. The Invisible Shopping Spree :
Corrupt trustees ignore the rules. They:
– Mix trust money with their own (“commingling”) .
– “Borrow” trust cash for vacations (without paying it back) .
– Sell trust assets (like jewelry) and pocket the profit 💸 .
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### 🛡️ How Do We Stop This?
#InclusiveRegtech tools (like Mulai Console) help:
✅ Track hidden owners using open-source databases (#OpenSourceAML).
✅ Flag fake “wish lists” (like suspicious investment orders).
✅ Freeze shady trusts before money vanishes.
Real win : In 2024, tech uncovered a $20M “art charity” trust laundering cash for a sanctioned warlord! Tools > Tricks .
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🌍 Together, we can turn trusts from crime tools into force for good!
👉 Learn AML terms like “trustee,” “settlor,” and “beneficial owner” in the ACAMS Glossary: [https://www.acams.org/en/resources/aml-glossary-of-terms](https://www.acams.org/en/resources/aml-glossary-of-terms)
#InclusiveRegtech #OpenSourceAML #100HariNulis #TrusteeTransparency #StopMoneyLaundering #FinancialCrimeFighters #AML #Compliance #FollowTheMoney
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P.S. If your piggy bank manager suddenly buys a private jet 🛩️… ask questions! 😉
(Sources: ACAMS Glossary , Keystone Law )