Articles
Anti-Money Laundering Acronyms
02 Mar 2021

Confused by all the abbreviations and acronyms used in the world of financial crime prevention and AML compliance? Let KYC360 help…

A

ABC – Anti-Bribery and Corruption

ACAMS – Association of Certified Anti-Money Laundering Specialists

ACPR – French Prudential Supervision and Resolution Authority

AMF – French Financial Markets Regulator

AML – Anti-Money Laundering

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

AMLD – Anti-Money Laundering Directive

APG – Asia Pacific Group on Money Laundering

APTs – Asset Protection Trusts

ARS – Alternative Remittance System

ATMs – Automatic Teller Machines

AUSTRAC – Australian Transaction Reports and Analysis Centre

 

B

BIS – Basel Committee on Banking Supervision

BMPE – Black Market Peso Exchange

BO – Beneficial Ownership

BSA – Bank Secrecy Act

 

C

CCPA – California Consumer Privacy Act

CDD – Customer Due Diligence

CFATF – Caribbean Financial Action Task Force

CFT – Combating the Financing of Terrorism

CRO – Chief Risk Officer

CRS – Common Reporting Standard

CSP – Corporate Service Provider

CTR – Currency Transaction Reporting

 

D

DOJ – Department of Justice (US)

DNFBP – Designated Non-Financial Businesses & Professions

 

E

EAG – Eurasian Group on Combating Money Laundering & Financing of Terrorism

EDD – Enhanced Due Diligence

EFT – Electronic Funds Transfer

EGFIU – Egmont Group of Financial Intelligence Units

eIDV – Electronic Identification & Verification

ESAAMLG – Eastern & Southern African Anti-Money Laundering Group

EU – European Union

 

F

FATCA – Foreign Account Tax Compliance Act

FATF – Financial Action Task Force

FCA – Financial Conduct Authority (UK)

FinCEN – Financial Crimes Enforcement Network

FSRB – Financial Action Task Force Style Regional Bodies

FIU – Financial Intelligence Unit

FX – Foreign Exchange Market

 

G

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

GCC – Gulf Cooperation Council

GRC – Governance, Risk & Compliance

 

H

HMT – Her Majesty’s Treasury (UK)

HNWI – High Net Worth Individual

 

I

ID&V – Identification & Verification

IVTS – Informal Value Transfer System

IBC – International Business Company

IMF – International Monetary Fund

ISIL – Islamic State of Iraq & The Levant

ISIS – Islamic State of Iraq & al-Sham

 

J

JMLIT – Joint Money Laundering Intelligence Taskforce

JMLSG – Joint Money Laundering Steering Group (UK)

 

K

KY3P – Know Your Third Party

KYC – Know Your Customer

KYCC – Know Your Customer’s Customer

KYE – Know Your Employee

 

L

LC – Letter of Credit

 

M

MiFID – Markets in Financial Instruments Directive

MOU – Memorandum of Understanding

MLRO – Money Laundering Reporting Officer

MSB – Money Service Business

MENAFATF – Middle East & North Africa Financial Action Task Force

MONEYVAL – Committee of Experts on the Evaluation of Anti-Money Laundering Measures & the Financing of Terrorism

MLAT – Mutual Legal Assistance Treaty

 

N

NGO – Non-Governmental Organisation

NPO – Non-Profit Organisation

NRA – National Risk Assessment

 

O

P

PATRIOT – The Uniting and Strengthening America by Providing Appropriate Tools required to Intercept and Obstruct Terrorism Act 2001

PEP – Politically Exposed Person

PIC – Private Investment Company

PSP – Payment Services Provider

 

R

RBA – Risk-Based Approach

RCA – Relative or Close Associate

 

S

SAR – Suspicious Activity Report

SDN – Specially Designated National

SIE – Special Interest Entity

SIP – Special Interest Person

STR – Suspicious Transaction Report

 

T

TBML – Trade-Based Money Laundering

TCSP – Trust & Corporate Service Provider

TF – Terrorist Financing

TI – Transparency International

 

U

UBO – Ultimate Beneficial Owner

UN – United Nations

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