Anti-money laundering and terrorist financing glossary

This glossary sets out some of the acronyms commonly used in anti-money laundering and terrorist financing practice.

A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

R

S

T

U

V

A

ABC – anti-bribery and corruption

ACAMS – Association of Certified Anti-Money Laundering Specialists

ACCA – Association of Chartered Certified Accountants

ADI – authorised depository institution

AIM – alternative investment market

AFC – anti-financial crime

AML – anti-money laundering

AML/CFT – anti-money laundering/countering the financing of terrorism (also used for combating the financing of terrorism)

AMLD – Anti Money Laundering Directive

AMLC – Anti-Money Laundering Council

AMLSF – Anti-Money Laundering Supervisors Forum

B

BACS – bankers' automated clearing system

BC – Bar Council

BCNI – Bar Council Northern Ireland

BO – beneficial owner(ship)

BOOM – beneficial owner, officer or manager

BSA – Building Society Association

BSB – Bar Standards Board

C

CAMS – certified anti-money laundering specialist

CDD – client due diligence

CEO – chief executive officer

CFA – Criminal Finances Act 2017

CFO – chief financial officer

CFT – counter financing of terrorism (used interchangeably with CTF)

CILEx – Chartered Institute of Legal Executives

CLC – Council for Licenced Conveyancers

COFA – compliance officer for finance and administration

COLP – compliance officer for legal practice

CTF – counter terrorist financing (used interchangeably with CFT)

CTO – chief technology officer

D

DAML – defence against money laundering

DNFBPs – designated non-financial businesses or professions

DOJ – US Department of Justice

DPA – Data Protection Act 2018

E

EEA – European Economic Area

EDD – enhanced due diligence

EGFIU – Egmont Group of Financial Intelligence Units

eKYC – electronic know your customer

EV – electronic verification

EIV – electronic identification and verification

EU – European Union

F

FATCA – Foreign Account Tax Compliance Act

FATF – Financial Action Task Force

FCA – Financial Conduct Authority

FCPA – Foreign Corrupt Practices Act

FinCEN – Financial Crimes Enforcement Network

FinTech – financial technology

FIU – Financial Intelligence Unit

FX – foreign exchange

G

GC – Gambling Commission

GDPR – General Data Protection Regulation

GRC – governance, risk and compliance

H

HMRC – HM Revenue and Customs

HMT – HM Treasury

HNWI – high net-worth individual

HRC – high-risk third country

I

ICAEW – Institute of Chartered Accountants England and Wales

ICO – Information Commissioner’s Office

ID&V – identification and verification

IPA – Insolvency Practitioners Association

IR – independent review (an audit into the design and operational effectiveness of an AML programme)

ISIL – Islamic State of Iraq and the Levant

ISIS – Islamic State of Iraq and al-Sham

J

JMLIT – Joint Money Laundering Intelligence Taskforce

JMLSG – Joint Money Laundering Steering Group

K

KYC – know your customer

L

LeO – Legal Ombudsman

LLP – limited liability partnership

LSAG – Legal Sector Affinity Group

LSE&W – the Law Society of England and Wales

LSNI – the Law Society of Northern Ireland

LSS – the Law Society of Scotland

M

ML – money laundering

ML/TF – money laundering/terrorist financing

MLCO – money laundering compliance officer

MLD – EU Money Laundering Directive

MLNO – money laundering reporting office

MLR – Money Laundering, Terrorist Financing and Transfer of Funds Information on Payer) Regulations 2017 as amended by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019

MLRO – money laundering reporting officer

MSB – money services business

MTO – money transfer operator

MVTS – money value transfer services

N

NCA – National Crime Agency (UK)

O

OFAC – Office of Foreign Assets Control

OFSI – Office of Financial Sanctions Implementation

OPBAS – Office for Professional Body Anti-Money Laundering Supervision

P

PCP – policies, control, procedure

PEP – politically exposed person

POCA – Proceeds of Crime Act 2020

PSC – person of significant control

PWRA – practice-wide risk assessment

R

RA – risk assessment

RBA – risk-based approach

RCA – relative or close associate

RegTech – regulatory technology

RiskTech – risk technology

S

SAR – suspicious activity report

SDD – simplified due diligence

SFO – Serious Fraud Office

SIE – state invested enterprise

SIPs – special interest persons

SMR – suspicious matters report (Australia)

SLP – Scottish limited partnership

SOE – state owned enterprise

SoF – source of funds

SoW – source of wealth

SPI – small payment institution

SRA – Solicitors Regulation Authority

SSN – social security number

STR – suspicious transaction report

T

TACT – Terrorism Act

TBML – trade-based money laundering

TCSP – trust or company service provider

TF – terrorist financing

TIN – tax identification number

U

UBO – ultimate beneficial owner(ship)

UKFIU – United Kingdom Financial Intelligence Unit

UNA – United Nations Act

USAPAct – USA Patriot Act 2001

V

VASPs – virtual asset service providers

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