ACRONYM BUSTER

Drowning in the alphabet soup of compliance?
Get up to speed with our acronym buster! 

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ABC
Anti-Bribery and Corruption

ACAMS
Association of Certified Anti-Money Laundering Specialists

AML
Anti-Money Laundering

AMLD
Anti Money Laundering Directive

AMLC
Anti-Money Laundering Council

APGML
Asia-Pacific Group on Money Laundering

API
Authorised Payment Institution

API
Application Program Interface

APTs
Asset Protected Trusts

ARS
Alternative Remittance System

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BaaS
Blockchain as a Service

BACRIMs
Bandas Criminales

BaFin
Bundesanstalt für Finanzdienstleistungsaufsicht
(German Federal Financial Supervisory Authority)

BCBS
Basel Committee on Banking Supervision

BMPE
Black Market Peso Exchange

BO
Beneficial Owner(ship)

BSA
Bank Secrecy Act

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CAMS
Certified Anti-Money Laundering Specialist

CDD
Customer Due Diligence

CFATF
Caribbean Financial Action Task Force

CFT
Counter Financing of Terrorism
(used interchangeably with CTF)

CIFG
Coalition Counter ISIL Finance Group

CRO
Chief Risk Officer

CTF
Counter Terrorist Financing
(used interchangeably with CFT)

CTR
Currency Transaction Report

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DFAT
Department of Foreign Affairs and Trade (Australia)

DNFBPs
Designated Non-Financial Businesses or Professions

DOJ
US Department of Justice

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EAG
Eurasian Group on Combating Money Laundering and Terrorist Financing

ESAAMLG
Eastern and Southern Africa Anti-Money Laundering Group

EDD
Enhanced Due Diligence

EGFIU
Egmont Group of Financial Intelligence Units

EIFR
European Institute for Financial Regulation

eKYC
Electronic Know Your Customer

EMIR
European Market Infrastructure Regulation

EV
Electronic Verification

EMI
Electronic (E-) Money Institution

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FATCA
Foreign Account Tax Compliance Act

FATF
Financial Action Task Force

FCA
Financial Conduct Authority

FCPA
Foreign Corrupt Practices Act

FEP
Financially Exposed Person

FFIEC
Federal Financial Institutions Examination Council Bank

FinCEN
Financial Crimes Enforcement Network

FinTech
Financial Technology

FIU
Financial Intelligence Unit

FSRB
Financial Action Task Force-Style Regional Body

FTFs
Foreign Terrorist Fighters

FX
Foreign Exchange

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GABAC
Task Force on Money Laundering in Central Africa

GAFI
Groupe d’Action Financière sur le Blanchiment de Capitaux
(Alternative name for the FATF)

GAFILAT
Grupo de Acción Financiera de Latinoamérica
(Financial Action Task Force of Latin America)

GFSC
Guersney Financial Services Commission

GIABA
West Africa Money Laundering Group

GPML
Global Program against Money Laundering

GRP
Governance, Risk and Compliance

GSB
Government or State Owned Body

GwG
Geldwäschegesetz
(German Money Laundering Act)

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HIO
Heads of International Organizations

HKID
Hong Kong Identification Number

HMT
Her Majesty’s Treasury (HM Treasury)

HNI
High Net-Worth Individuals

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ICO
Intial Coin Offering

ICU
International Corruption Unit

ID&V
Identification & Verification

InsurTech
Insurance Technology

ISIL
Islamic State of Iraq and the Levant

ISIS
Islamic State of Iraq and al-Sham

ITAR
International Traffic in Arms Regulations

IVTS
Informal Value Transfer System

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JMLIT
Joint Money Laundering Intelligence Taskforce

JMLSG
Joint Money Laundering Steering Group

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KY3P
Know Your Third Party

KYB
Know Your Business

KYC
Know Your Customer

KYCB
Know Your Correspondant Bank

KYCC
Know Your Customer’s Customer

KYE
Know Your Employee

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MENAFATF
Middle East and North Africa Financial Action Task Force

MiFID (II)
Markets in Financial Instruments Directive (II)

ML
Money Laundering

MLD4
Fourth EU Money Laundering Directive

MLRO
Money Laundering Reporting Officer

MONEYVAL
Committee of Experts on the Evaluation of Anti-Money Laundering Measures

MSB
Money Services Business

MTO
Money Transfer Operator

MVTS
Money Value Transfer Services

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NI
National Insurance (Number)

NCA
National Crime Agency (UK)

NPRM
Notice of Proposed Rulemaking (US)

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ODF
Offshore Disclosure Facility

OFAC
Office of Foreign Assets Control

OFSI
Office of Financial Sanctions Implementation

OIG
Office of Inspector General

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PEP
Politically Exposed Person

POCs
Proofs-of-concept

PSC
Person of Significant Control

PSD(2)
Payment Services Directive (2)

PSP
Payment Services Provider

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RBA
Risk-Based Approach

RCA
Relative or Close Associate

RegTech
Regulation Technology

REP
Reputationally Exposed Person

RiskTech
Risk Technology

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SAR
Suspicous Activity Report

SDN
Sanction Designated National (Individual)

SEMA
Special Economic Measures Act

SIE
State Invested Enterprise

SIPs
Special Interest Persons

SMR
Suspicous Matters Report (Australia)

SOE
State Owned Enterprise

SPI
Small Payment Institution

SaaS
Software as a Service

SSN
Social Security Number

STR
Suspicious Transaction Report

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TBML
Trade-Based Money Laundering

TCSP
Trust or Company Service Provider

TF
Terrorist Financing

TIN
Tax Identification Number

TM
Transaction Monitoring

TS
Transaction Screening

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UBO
Ultimate Beneficial Ownership

UNA
United Nations Act

UNCAC
United Nations Convention against Corruption

UNSC
United Nations Security Council (Sanctions)

USA PATRIOT Act
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001

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