Compliance Risk Management
Expert-defined terms from the Graduate Certificate in Know Your Customer and Anti-Money Laundering Compliance course at HealthCareStudies (An LSPM brand). Free to read, free to share, paired with a professional course.
AAML #
Advanced Anti-Money Laundering refers to the use of sophisticated techniques and technologies to prevent and detect money laundering activities, including data analytics and machine learning algorithms to identify suspicious patterns and anomalies. Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Anti #
Money Laundering refers to the laws, regulations, and procedures designed to prevent and detect money laundering activities, including the identification and reporting of suspicious transactions. Related terms include Know Your Customer, Compliance Risk Management, and Financial Crime Prevention.
Asset Forfeiture refers to the process of seizing and confiscating assets that a… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Beneficial Owner refers to the individual or entity that ultimately owns or cont… #
Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
CDD #
Customer Due Diligence refers to the process of verifying the identity and background of customers to assess their risk profile and prevent money laundering and terrorist financing activities, including the collection and analysis of customer data and information. Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
CF #
Compliance Framework refers to the set of policies, procedures, and controls designed to ensure compliance with laws, regulations, and standards, including anti-money laundering and know your customer requirements. Related terms include Compliance Risk Management, Know Your Customer, and Anti-Money Laundering.
Compliance Risk Management refers to the process of identifying, assessing, and… #
Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Framework.
Customer Risk Assessment refers to the process of evaluating the risk profile of… #
Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
EDD #
Enhanced Due Diligence refers to the process of conducting a more detailed and thorough verification of customers who are considered high-risk, such as politically exposed persons or customers from high-risk countries. Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
FATF #
Financial Action Task Force refers to the inter-governmental organization that sets standards and promotes effective implementation of measures to prevent money laundering and terrorist financing, including the development of recommendations and guidelines. Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
FCPA #
Foreign Corrupt Practices Act refers to the US law that prohibits bribery and corruption of foreign officials, including the requirement for companies to maintain accurate records and internal controls. Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Financial Crime Prevention refers to the measures and procedures designed to pre… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Financial Institution refers to the organizations that provide financial service… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
High #
Risk Customer refers to the customers who are considered to pose a higher risk of money laundering and terrorist financing, such as politically exposed persons or customers from high-risk countries. Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
Identity Verification refers to the process of verifying the identity of custome… #
Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
International Cooperation refers to the collaboration and information #
sharing between countries and organizations to prevent and detect money laundering and terrorist financing activities, including the exchange of financial intelligence and law enforcement cooperation. Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
KYC #
Know Your Customer refers to the process of verifying the identity and background of customers to assess their risk profile and prevent money laundering and terrorist financing activities, including the collection and analysis of customer data and information. Related terms include Anti-Money Laundering, Compliance Risk Management, and Customer Due Diligence.
MLRO #
Money Laundering Reporting Officer refers to the person responsible for overseeing and implementing anti-money laundering policies and procedures, including the reporting of suspicious transactions to the relevant authorities. Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Money Laundering refers to the process of concealing the origin and ownership of… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
PEP #
Politically Exposed Person refers to the individuals who hold or have held prominent public positions, such as government officials or politicians, who are considered to pose a higher risk of money laundering and corruption. Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Regulatory Compliance refers to the adherence to laws, regulations, and standard… #
Related terms include Compliance Risk Management, Know Your Customer, and Anti-Money Laundering.
Risk #
Based Approach refers to the methodology of assessing and mitigating risks based on the level of risk posed by customers, transactions, and other factors, including the use of risk scoring and other techniques. Related terms include Compliance Risk Management, Know Your Customer, and Anti-Money Laundering.
SAR #
Suspicious Activity Report refers to the document that is filed with the relevant authorities to report suspicious transactions or activities, including the provision of detailed information about the customer and the suspicious activity. Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Sanctions refers to the measures imposed by governments and international organi… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Terrorist Financing refers to the process of providing financial support to terr… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Transaction Monitoring refers to the process of monitoring and analyzing transac… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
UNCAC #
United Nations Convention against Corruption refers to the international treaty that aims to prevent and combat corruption, including the requirement for countries to implement anti-corruption measures and cooperate with other countries to prevent corruption. Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
UNSCR #
United Nations Security Council Resolution refers to the decisions made by the United Nations Security Council to impose sanctions and other measures to maintain international peace and security, such as the imposition of sanctions on terrorist organizations or countries. Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Watch List refers to the list of individuals, entities, and countries that are s… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Whistleblower refers to the person who reports suspicious activities or wrongdoi… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
AML/CFT #
Anti-Money Laundering/Combating the Financing of Terrorism refers to the laws, regulations, and procedures designed to prevent and detect money laundering and terrorist financing activities, including the identification and reporting of suspicious transactions. Related terms include Know Your Customer, Compliance Risk Management, and Financial Crime Prevention.
Certified Anti #
Money Laundering Specialist refers to the professional certification for individuals who specialize in anti-money laundering and compliance, including the knowledge and skills required to prevent and detect money laundering and terrorist financing activities. Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Client Onboarding refers to the process of verifying the identity and background… #
Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
Compliance Officer refers to the person responsible for overseeing and implement… #
Related terms include Compliance Risk Management, Know Your Customer, and Anti-Money Laundering.
Counter #
Terrorist Financing refers to the measures and procedures designed to prevent and detect terrorist financing activities, including the use of financial institutions and other organizations to facilitate the transfer of funds. Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Customer Acceptance Policy refers to the set of rules and procedures for accepti… #
Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
Customer Identification refers to the process of verifying the identity of custo… #
Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
Data Protection refers to the measures and procedures designed to protect custom… #
Related terms include Compliance Risk Management, Know Your Customer, and Anti-Money Laundering.
Due Diligence refers to the process of verifying the identity and background of… #
Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
False Positive refers to the incorrect identification of a legitimate transactio… #
Related terms include Transaction Monitoring, Anti-Money Laundering, and Compliance Risk Management.
Financial Intelligence refers to the information and analysis used to identify a… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Financial Intelligence Unit refers to the organization responsible for collectin… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
High #
Risk Transaction refers to the transactions that pose a higher risk of money laundering and terrorist financing, such as large cash transactions or transactions involving high-risk countries. Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Information Sharing refers to the exchange of information between organizations… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
International Standards refers to the set of guidelines and recommendations deve… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Investigations refers to the process of gathering and analyzing evidence to dete… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Know Your Employee refers to the process of verifying the identity and backgroun… #
Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
Legal Entity Identifier refers to the unique identifier assigned to legal entiti… #
Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
Machine Learning refers to the use of algorithms and statistical models to analy… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Money Mule refers to the person who is used to launder money or conduct transact… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Non #
Compliance refers to the failure to comply with laws, regulations, and standards, including anti-money laundering and know your customer requirements. Related terms include Compliance Risk Management, Know Your Customer, and Anti-Money Laundering.
Operational Risk refers to the risk of loss or damage resulting from inadequate… #
Related terms include Compliance Risk Management, Know Your Customer, and Anti-Money Laundering.
PEP List refers to the list of politically exposed persons, such as gover… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Regulatory Requirement refers to the laws, regulations, and standards that gover… #
Related terms include Compliance Risk Management, Know Your Customer, and Anti-Money Laundering.
Risk Assessment refers to the process of identifying and evaluating risks, in… #
Related terms include Compliance Risk Management, Know Your Customer, and Anti-Money Laundering.
Sanctions Compliance refers to the adherence to sanctions laws and regulations,… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Screening refers to the process of checking customers and transactions against w… #
Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
Sectoral Risk Assessment refers to the evaluation of risks associated with speci… #
Related terms include Compliance Risk Management, Know Your Customer, and Anti-Money Laundering.
Systemic Risk refers to the risk of loss or damage resulting from the failure of… #
Related terms include Compliance Risk Management, Know Your Customer, and Anti-Money Laundering.
Transaction Risk refers to the risk of loss or damage resulting from a transacti… #
Related terms include Compliance Risk Management, Know Your Customer, and Anti-Money Laundering.
Typology refers to the analysis of patterns and trends in money laundering and t… #
Related terms include Anti-Money Laundering, Know Your Customer, and Compliance Risk Management.
Ultimate Beneficial Owner refers to the individual or entity that ultimately own… #
Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
Verification refers to the process of checking and confirming the accuracy of cu… #
Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.
Watch List Screening refers to the process of checking customers and transaction… #
Related terms include Know Your Customer, Anti-Money Laundering, and Compliance Risk Management.