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AML Compliance is an institutional framework that requires financial institutions to follow laws and regulations to prevent, detect, and report suspicious activities linked to money laundering and terrorist financing.
AML policies are a framework that financial institutions need to follow to prevent, detect, and report illegal money.
Anti-Money Laundering (AML) Regulations are a set of rules, laws, controls, and procedures to prevent the disguise of illicit funds as legitimate income within the financial system.
A beneficial owner (BO) is a natural person (or persons) who possesses ultimate ownership or control of an entity’s operations or profits.
Bribery refers to the offering, receiving, giving, or soliciting of something valuable to unfairly influence someone’s decisions or actions.
A business entity is an organisational structure created by a person or a group of individuals to carry out lawful business and maintain a separate legal presence for tax purposes.
A compliance officer is a person appointed by an organisation to watch over adherence to regulatory obligations and ensure AML/CFT compliance.
Data Governance refers to the process of managing customer, supplier, regulatory, screening, KYC, due diligence, and transaction monitoring records in a systematic manner.
A false positive in AML systems is an alert generated that wrongly identifies a legitimate activity as suspicious. False positives occur in an entity’s AML screening and monitoring software
The FATF Recommendations are a holistic and consistent framework of measures set by the Financial Action Task Force (FATF), an international body responsible for setting standards to prevent financial crime
The Financial Conduct Authority (FCA) is an independent body that regulates the financial markets and firms in the UK.
Financial crime means illegal activities that abuse financial systems for personal or organisational gain.
Free trade zones are designated areas where goods are imported, stored, processed, or re-exported without paying taxes or customs duties.
Hawala is a traditional fund transfer system that is operated by brokers (commonly called hawaladars) across multiple jurisdictions.
Money Laundering is a systematic process by which criminals attempt to conceal the illicit sources of funds to make them appear legitimate.
Non-profit organisation refers to an organisation created and operated for social and charitable purposes and not for making profits.
The Office of Foreign Assets Control (OFAC) is a part of the US Department of the Treasury responsible for administering and enforcing economic and trade sanctions in furtherance of US national security goals and foreign policy.
Regulatory compliance means adherence to laws, regulations, and requirements made to prevent, identify, and report financial crimes.
Sanctions Lists are formal registers comprising individuals, entities, or jurisdictions subject to legal, economic, or financial restrictions.
Sanction screening software is an automated compliance tool used by financial institutions to identify prohibited individuals, entities, and transactions, to prevent the organisations from facilitating money laundering and terrorism financing risks.
Understand secondary sanctions in AML/CFT, key typologies, red flags, and how advanced solutions help in managing secondary sanctions and cross-border risks.
Shell companies refer to legally incorporated entities that exist only on paper and have no active business operations, used to disguise the origin of funds.
Tontine refers to a joint financial agreement among people in which they pool a certain amount of money, which is awarded entirely to the participant who survives to the end.
Trade Finance refers to the financial instruments that support domestic and international trade by ensuring the smooth flow of goods and payments and mitigating risks.
A Travel Ban functions as a gatekeeping mechanism in which legal restrictions are imposed on individuals or groups by the government or international bodies (such as the UN or EU).
The terminology for trust accounts varies by sector. In legal services, they are known as client trust accounts or client money accounts.
Watchlists refer to an official list of individuals, organisations, and entities that are potentially high-risk, prohibited, or restricted and require careful checking and monitoring.
