Anti-Money Laundering Glossary of Terms

Anti-Money Laundering Glossary of Terms

The intricacies of anti-money laundering are vast and complex. So too, is the language and jargon used by those in the industry. To help make the complicated world of anti-money laundering a little clearer, Avid AML has pulled together a list of the most commonly used acronyms, and their definitions.

Terms – Anti-Money Laundering

 ACH - Automated Clearing House

AML – Anti-Money Laundering

AML/CTF – Anti-Money Laundering/Counter-Terrorism Financing

AMLID - Anti-Money Laundering International Database

APTs - Asset Protection Trusts (APTs)

ARS - Alternative Remittance System

AST - Automated Screening Tool

BIS - Bureau of Industry and Security

BIS - Bank of International Settlements

BMPE - Black Market Peso Exchange

BO – Beneficial Ownership

BSA - Bank Secrecy Act 

CDD – Customer Due Diligence

CFT – Combating the Financing of Terrorism

CRA – Customer Risk Analysis

CRP – Customer Risk Profile

CT – Counter Terrorism

CTF – Counter Terrorism Financing

CTR – Currency Transaction Reporting

DNFBP – Designated Non-Financial Businesses and Professions

DPL - Denied Persons List

EDD – Enhanced Due Diligence

EAR - Export Administration Regulations

eIDV – Electronic Identity Verification

eKYC – Electronic Know Your Customer

EFT - Electronic Funds Transfer

e-Money - Electronic Money

FAP – Financial Advice Providers

FI – Financial Institutions

FIU – Financial Intelligence Unit

FSE - Foreign Sanctions Evader

FTZ - Free Trade Zone

HNWI – High Net Worth Individual

IBC - International Business Company

ID – Identity Data

IMF – International Monetary Fund

IR – Interactive Representation

IVTS - Informal Value Transfer System

JCPOA - Joint Comprehensive Plan of Action

KYC – Know Your Customer

LLC – Limited Liability Company

MER - Mutual Evaluation Report

MLAT - Mutual Legal Assistance Treaty

MLRO - Money Laundering Reporting Officer

MO - Money Order

MSB - Money Services Business

NBFI – Non-Banking Financial Institutions

NGO - Non-Governmental Organisation

NP – Nature and Purpose

NPT - Non-Proliferation Treaty

NRA – National Risk Assessment

OCDD – Ongoing Customer Due Diligence

OFC - Offshore Financial Center 

PEP – Politically Exposed Persons

PIC - Private Investment Company

RBA – Risk Based Approach

RTGS - Real Time Gross Settlement Systems

SAR – Suspicious Activity Report

SCP - Sanctions Compliance Program

SDD - Sanctions Due Diligence

SDN – Specially Designated Nationals and Blocked Persons List

SO - Sanctions Compliance Officer 

SSI List - Sectoral Sanctions Identification List

STR – Suspicious Transaction Report 

TBML – Trade-Based Money Laundering

TCSP – Trust & Corporate Service Provider

TMPs - Transaction Monitoring and Filtering Programs

TI - Transparency International

UBO – Ultimate Beneficial Owner

Terms – Software

API – Application Programming Interface

ARD – Automated Risk Detection

BT – Baseline Transactions

ILMS Training – Integrated Learning Management System Training

MRZ – Machine Readable Zone

OCR – Optical Character Recognition

RBN – Rule Breach Notifications

SaaS – Software-as-a-Service

SDK – Software Development Kit

Terms - Associations & Organisations

AfCFTA – African Continental Free Trade Area

APGML – Asia Pacific Group on Money Laundering

AUSTRAC – Australian Transaction Reports and Analysis Centre

BNM - Central Bank of Malaysia

BSP - Bangko Sentral ng Pilipinas

CFATF - Caribbean Financial Action Task Force

DIA – Department of International Affairs

EAG - Eurasian Group on Combating Money Laundering and Financing of Terrorism

EU - European Union

ECJU - Export Control Joint Unit

ESAAMLG – Eastern & Southern African Anti-Money Laundering Group

FATF – Financial Action Task Force

FMA – Financial Markets Authority

FSRB - Financial Action Task Force-Style Regional Body

GAFILAT - Financial Action Task Force on Money Laundering in Latin America 

GAFISUD - Spanish: Grupo de Acción Financiera de Sudamérica

GCC - Gulf Cooperation Council 

MENAFATF – Middle East and North Africa Financial Action Task Force

MENA – Middle East North Africa

NADRA – Pakistan National Database & Registration Authority

OFAC - Office of Foreign Assets Control

OSFI - Office of the Superintendent of Financial Institutions

RBA - Reserve Bank of Australia

RBNZ – Reserve Bank of New Zealand

SBP - State Bank of Pakistan

UN - United Nations

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