Glossary of terms

A

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

B

BCBS - Basel Committee on Banking Supervision

BO - Beneficial Owner(ship)

BSA - Bank Secrecy Act

C

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)

D

DFAT - Department of Foreign Affairs and Trade (Australia)

DNFBPs - Designated Non-Financial Businesses or Professions

DOJ - US Department of Justice

E

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

F

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

G

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

H

HIO - Heads of International Organizations

HNWI - High Net-Worth Individuals

I

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

J

JMLIT - Joint Money Laundering Intelligence Taskforce

JMLSG - Joint Money Laundering Steering Group

K

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

L
M

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

N

NCA - National Crime Agency (UK)

NPRM - Notice of Proposed Rulemaking (US)

NPP - New Payments Platform

O

ODF - Offshore Disclosure Facility

OFAC - Office of Foreign Assets Control

OFSI - Office of Financial Sanctions Implementation

OIG - Office of Inspector General

P

PEP - Politically Exposed Person

POCs - Proof-of-concept

PSC - Person of Significant Control

PSP - Payment Services Provider

Q
R

RBA - Risk-Based Approach

RCA - Relative or Close Associate

RegTech - Regulatory Technology

RiskTech - Risk Technology

S

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

T

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

U

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

V
W
X
Y
Z