Glossary of terms
ABC - Anti-Bribery and Corruption
ACAMS - Association of Certified Anti-Money Laundering Specialists
AML - Anti-Money Laundering
AMLD - Anti Money Laundering Directive
AMLC - Anti-Money Laundering Council
APGML - Asia-Pacific Group on Money Laundering
ADI - Authorised Depository Institution
ARS - Alternative Remittance System
BCBS - Basel Committee on Banking Supervision
BO - Beneficial Owner(ship)
BSA - Bank Secrecy Act
CAMS - Certified Anti-Money Laundering Specialist
CDD - Customer Due Diligence
CFATF - Caribbean Financial Action Task Force
CFT - Counter Financing of Terrorism (used interchangeably with CTF)
CTF - Counter Terrorist Financing (used interchangeably with CFT)
DFAT - Department of Foreign Affairs and Trade (Australia)
DNFBPs - Designated Non-Financial Businesses or Professions
DOJ - US Department of Justice
EAG - Eurasian Group on Combating Money Laundering and Terrorist Financing
ESAAMLG - Eastern and Southern Africa Anti-Money Laundering Group
EDD - Enhanced Due Diligence
EGFIU - Egmont Group of Financial Intelligence Units
EIFR - European Institute for Financial Regulation
eKYC - Electronic Know Your Customer
EMIR - European Market Infrastructure Regulation
EV - Electronic Verification
FATCA - Foreign Account Tax Compliance Act
FATF - Financial Action Task Force
FCA - Financial Conduct Authority
FCPA - Foreign Corrupt Practices Act
FFIEC - Federal Financial Institutions Examination Council Bank
FinCEN - Financial Crimes Enforcement Network
FinTech - Financial Technology
FIU - Financial Intelligence Unit
FX - Foreign Exchange
GABAC - Task Force on Money Laundering in Central Africa
GAFI - Groupe d’Action Financière sur le Blanchiment de Capitaux (Alternative name for the FATF)
GAFILAT - Grupo de Acción Financiera de Latinoamérica (Financial Action Task Force of Latin America)
GIABA - West Africa Money Laundering Group
GPML - Global Program against Money Laundering
GRC - Governance, Risk and Compliance
GSB - Government or State Owned Body
HIO - Heads of International Organizations
HNWI - High Net-Worth Individuals
ID&V - Identification & Verification
IR - Independent Review - an audit into the design and operational effectiveness of an AML Program
ISIL - Islamic State of Iraq and the Levant
ISIS - Islamic State of Iraq and al-Sham
ITAR - International Traffic in Arms Regulations
JMLIT - Joint Money Laundering Intelligence Taskforce
JMLSG - Joint Money Laundering Steering Group
KY3P - Know Your Third Party
KYB - Know Your Business
KYC - Know Your Customer
KYCB - Know Your Correspondent Bank
KYCC - Know Your Customer’s Customer
KYE - Know Your Employee
KYT - Know Your Transaction
MENAFATF - Middle East and North Africa Financial Action Task Force
ML - Money Laundering
MLD4 - Fourth EU Money Laundering Directive
MLRO - Money Laundering Reporting Officer
MONEYVAL - Committee of Experts on the Evaluation of Anti-Money Laundering Measures
MSB - Money Services Business
MTO - Money Transfer Operator
MVTS - Money Value Transfer Services
NCA - National Crime Agency (UK)
NPRM - Notice of Proposed Rulemaking (US)
NPP - New Payments Platform
ODF - Offshore Disclosure Facility
OFAC - Office of Foreign Assets Control
OFSI - Office of Financial Sanctions Implementation
OIG - Office of Inspector General
PEP - Politically Exposed Person
POCs - Proof-of-concept
PSC - Person of Significant Control
PSP - Payment Services Provider
RBA - Risk-Based Approach
RCA - Relative or Close Associate
RegTech - Regulatory Technology
RiskTech - Risk Technology
SAR - Suspicious Activity Report
SDN - Sanction Designated National (Individual)
SEMA - Special Economic Measures Act
SIE - State Invested Enterprise
SIPs - Special Interest Persons
SMR - Suspicious Matters Report (Australia)
SOE - State Owned Enterprise
SPI - Small Payment Institution
SaaS - Software as a Service
SSN - Social Security Number
STR - Suspicious Transaction Report
TBML - Trade-Based Money Laundering
TCSP - Trust or Company Service Provider
TF - Terrorist Financing
TIN - Tax Identification Number
TM - Transaction Monitoring (also called TMP, Transaction Monitoring Program)
TS - Transaction Screening
UBO - Ultimate Beneficial Ownership
UNA - United Nations Act
UNCAC - United Nations Convention against Corruption
UNSC - United Nations Security Council (Sanctions)
USA PATRIOT Act - Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 200