AML

Thorough investigation and analysis of a customer’s background and financial activities

Measures to prevent the funding of terrorist activities through financial systems.

Understanding and verifying the legitimate origins of an individual’s wealth.

The ongoing process of reviewing and analyzing customer transactions to detect unusual or suspicious activities that may indicate money laundering.

A report filed by financial institutions or DNFBS to alert authorities about suspected money laundering or other illicit activities.

High-risk jurisdictions have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation.

Illegally informing a person or entity that they are subject to investigation, compromising the investigation’s effectiveness.

Temporarily blocking or restricting access to a person’s or entity’s assets, often done in response to suspected criminal activity.

The process of checking customers and business relationships against sanctioned lists to ensure they are not involved in activities prohibited by sanctions or embargoes.

Financial support for the spread of weapons of mass destruction.

A streamlined approach to assessing customer risk, often applied to lower-risk clients.

Non-existent accounts created for deceptive or fraudulent purposes.

A strategy where AML measures are applied proportionally based on the assessed risk level of customers, transactions, business, product services etc.

A financial institution with no physical presence in the country where it’s incorporated, often used for illicit financial activities.

Investigating the origin of funds involved in a financial transaction to ensure legality and legitimacy.

Money laundering is defined as any financial or banking transaction aimed at concealing or changing the source of illegally obtained funds, by passing it through the financial and banking system in order to make it appear as originating from legitimate sources, and then re-pumping and investing it illegally.

Customer Due Diligence is the process of verifying information of customers and beneficial owners regarding their identity, the nature of their activity, purpose of business relationship and the ownership structure to assess their potential risk before establishing a business relationship.

Transactions related to funds for which there are reasonable grounds to suspect that they are earned from any felony or misdemeanour related to the financing of terrorism or of illegal organisations, whether committed or attempted.

Individuals who are or have been entrusted with prominent public functions in the State or any other foreign country such as Heads of States or Governments, senior politicians, senior government officials, judicial or military officials, senior executive managers of state-owned corporations, and senior officials of political parties, requiring enhanced due diligence due to their increased risk of being involved in corruption or money laundering.

Entities outside the traditional financial sector with obligations to adhere to anti-money laundering regulations.