Anti-money laundering and terrorist financing glossary
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