Glossary
All 15 abbreviations, with explanations and documented examples. NGO means Non-Governmental Organization; ML means Money Laundering. They are separate terms.
AMLAnti-Money Laundering
Controls used to prevent, detect and address the laundering of criminal proceeds.
ATMAutomated Teller Machine
A machine for withdrawing cash and, depending on the service, checking balances or making deposits.
CDDCustomer Due Diligence
Identifying and verifying the customer and beneficial owner, understanding the relationship and conducting ongoing risk-based review.
CFTCountering the Financing of Terrorism
Measures to prevent, detect and disrupt the funding of terrorism.
FATFFinancial Action Task Force
An intergovernmental body setting standards against money laundering, terrorist financing and proliferation financing.
FintechFinancial Technology
Technology-enabled innovation in financial services, products or processes.
FIUFinancial Intelligence Unit
A national center receiving and analyzing relevant financial intelligence and sharing its analysis with competent authorities.
IOCTAInternet Organised Crime Threat Assessment
Europol's assessment of major cybercrime threats and developments.
KYCKnow Your Customer
The principle and processes for knowing a customer, including establishing and verifying identity.
NGONon-Governmental Organization
A non-profit civil-society organization operating independently of government.
MLMoney Laundering
Concealing the criminal origin of proceeds to make them appear legitimate. Here, ML means money laundering.
PEPPolitically Exposed Person
A person who holds or has held a prominent public function. This status is not evidence of crime.
PSPPayment Service Provider
A person or organization providing services that enable payments or transfers of value.
STRSuspicious Transaction Report
A report of suspected activity submitted to the relevant authority under the applicable reporting process; it is not a criminal verdict.
TFTerrorist Financing
Funding terrorists, terrorist organizations or terrorist acts; the resources may come from lawful or unlawful sources.
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