FCC Glossary from A to Z

FCC Glossary from A to Z

FCC Glossary from A to Z

Decoding industry jargon: Simplify your compliance journey with this quick guide to industry-specific terms and phrases, designed to clarify the complex language of Financial Crime Compliance

Decoding industry jargon: Simplify your compliance journey with this quick guide to industry-specific terms and phrases, designed to clarify the complex language of Financial Crime Compliance

Decoding industry jargon: Simplify your compliance journey with this quick guide to industry-specific terms and phrases, designed to clarify the complex language of Financial Crime Compliance

A

Adverse Media

Adverse Media, also known as negative news, refers to any unfavourable information about an individual or organisation publicly available through news outlets, online platforms, and other media sources. This information can include allegations of criminal activity, regulatory breaches, involvement in financial scandals, or unethical behaviour. In financial crime compliance, monitoring adverse media is crucial for identifying potential risks associated with customers, business partners, or other stakeholders. Financial institutions and companies often use automated tools and specialised services to continuously scan and analyse media sources for negative news, helping them to detect and assess potential threats quickly. Incorporating adverse media screening into due diligence processes enhances risk management strategies by providing a broader understanding of a subject's reputation and activities. By identifying and addressing adverse media early, organisations can mitigate risks, ensure compliance with regulatory requirements, and protect their reputation and operational integrity.

Adverse Media

Adverse Media, also known as negative news, refers to any unfavourable information about an individual or organisation publicly available through news outlets, online platforms, and other media sources. This information can include allegations of criminal activity, regulatory breaches, involvement in financial scandals, or unethical behaviour. In financial crime compliance, monitoring adverse media is crucial for identifying potential risks associated with customers, business partners, or other stakeholders. Financial institutions and companies often use automated tools and specialised services to continuously scan and analyse media sources for negative news, helping them to detect and assess potential threats quickly. Incorporating adverse media screening into due diligence processes enhances risk management strategies by providing a broader understanding of a subject's reputation and activities. By identifying and addressing adverse media early, organisations can mitigate risks, ensure compliance with regulatory requirements, and protect their reputation and operational integrity.

Adverse Media

Adverse Media, also known as negative news, refers to any unfavourable information about an individual or organisation publicly available through news outlets, online platforms, and other media sources. This information can include allegations of criminal activity, regulatory breaches, involvement in financial scandals, or unethical behaviour. In financial crime compliance, monitoring adverse media is crucial for identifying potential risks associated with customers, business partners, or other stakeholders. Financial institutions and companies often use automated tools and specialised services to continuously scan and analyse media sources for negative news, helping them to detect and assess potential threats quickly. Incorporating adverse media screening into due diligence processes enhances risk management strategies by providing a broader understanding of a subject's reputation and activities. By identifying and addressing adverse media early, organisations can mitigate risks, ensure compliance with regulatory requirements, and protect their reputation and operational integrity.

Anti-Money Laundering (AML)

Anti-Money Laundering (AML)

Anti-Money Laundering (AML)

Anit-Money Laundering Directive (AMLD)

Anit-Money Laundering Directive (AMLD)

Anit-Money Laundering Directive (AMLD)

Artificial Intelligence (AI)

Artificial Intelligence (AI)

Artificial Intelligence (AI)

Automated Screening Tools (ASTs)

Automated Screening Tools (ASTs)

Automated Screening Tools (ASTs)

Anti-Money Laundering Act (AMLA)

Anti-Money Laundering Act (AMLA)

Anti-Money Laundering Act (AMLA)

B

Banking as a Service (BaaS)

Banking as a Service (BaaS)

Banking as a Service (BaaS)

Blacklist

Blacklist

Blacklist

Beneficial Ownership

Beneficial Ownership

Beneficial Ownership

Batch Screening

Batch Screening

Batch Screening

Bank Secrecy Act (BSA)

Bank Secrecy Act (BSA)

Bank Secrecy Act (BSA)

C

Customer Due Diligence (CDD)

Customer Due Diligence (CDD)

Customer Due Diligence (CDD)

Compliance

Compliance

Compliance

Compliance Risk

Compliance Risk

Compliance Risk

Countering America’s Adversaries Through Sanctions Act (CAATSA)

Countering America’s Adversaries Through Sanctions Act (CAATSA)

Countering America’s Adversaries Through Sanctions Act (CAATSA)

Customer Screening

Customer Screening

Customer Screening

D

Designated Categories of Offense

Designated Categories of Offense

Designated Categories of Offense

Delisting

Delisting

Delisting

Due Diligence

Due Diligence

Due Diligence

Department of Foreign Affairs and Trade (DFAT)

Department of Foreign Affairs and Trade (DFAT)

Department of Foreign Affairs and Trade (DFAT)

Designated Non-Financial Businesses and Professions (DNFBPs)

Designated Non-Financial Businesses and Professions (DNFBPs)

Designated Non-Financial Businesses and Professions (DNFBPs)

E

Enhanced Due Diligence (EDD)

Enhanced Due Diligence (EDD)

Enhanced Due Diligence (EDD)

Economic Sanctions

Economic Sanctions

Economic Sanctions

Embargo

Embargo

Embargo

Electronic Communications Surveillance (eComms Surveillance)

Electronic Communications Surveillance (eComms Surveillance)

Electronic Communications Surveillance (eComms Surveillance)

European Securities and Markets Authority (ESMA)

European Securities and Markets Authority (ESMA)

European Securities and Markets Authority (ESMA)

EU Journal

EU Journal

EU Journal

Enterprise-Wide Risk Assessment (EWRA)

Enterprise-Wide Risk Assessment (EWRA)

Enterprise-Wide Risk Assessment (EWRA)

F

False Positives

False Positives

False Positives

False Negatives

False Negatives

False Negatives

Financial Action Task Force (FATF)

Financial Action Task Force (FATF)

Financial Action Task Force (FATF)

Fuzzy Logic

Fuzzy Logic

Fuzzy Logic

Fuzzy Matching

Fuzzy Matching

Fuzzy Matching

FinCrime

FinCrime

FinCrime

Financial Conduct Authority (FCA)

Financial Conduct Authority (FCA)

Financial Conduct Authority (FCA)

G

General Data Protection Regulation (GDPR)

General Data Protection Regulation (GDPR)

General Data Protection Regulation (GDPR)

Grey List

Grey List

Grey List

Governance

Governance

Governance

goAML

goAML

goAML

H

Harmonized System Nomenclature (HSN) Number

Harmonized System Nomenclature (HSN) Number

Harmonized System Nomenclature (HSN) Number

High Net-Worth Individual

High Net-Worth Individual

High Net-Worth Individual

His Majesty’s Treasury (HMT) Sanctions List

His Majesty’s Treasury (HMT) Sanctions List

His Majesty’s Treasury (HMT) Sanctions List

Hong Kong Monetary Authority (HKMA)

Hong Kong Monetary Authority (HKMA)

Hong Kong Monetary Authority (HKMA)

I

Insider Threat

Insider Threat

Insider Threat

International Monetary Fund (IMF)

International Monetary Fund (IMF)

International Monetary Fund (IMF)

Instant Payments Regulation (IPR)

Instant Payments Regulation (IPR)

Instant Payments Regulation (IPR)

J

Joint Money Laundering Intelligence Taskforce (JMLIT)

Joint Money Laundering Intelligence Taskforce (JMLIT)

Joint Money Laundering Intelligence Taskforce (JMLIT)

Japan Ministry of Finance (MOF)

Japan Ministry of Finance (MOF)

Japan Ministry of Finance (MOF)

K

Know Your Customer (KYC)

Know Your Customer (KYC)

Know Your Customer (KYC)

L

Legal Risk

Legal Risk

Legal Risk

Large Language Model (LLM)

Large Language Model (LLM)

Large Language Model (LLM)

M

Machine Learning (ML)

Machine Learning (ML)

Machine Learning (ML)

Money Laundering

Money Laundering

Money Laundering

Monetary Authority of Singapore (MAS)

Monetary Authority of Singapore (MAS)

Monetary Authority of Singapore (MAS)

Money Laundering Reporting Officer (MLRO)

Money Laundering Reporting Officer (MLRO)

Money Laundering Reporting Officer (MLRO)

N

Name Screening

Name Screening

Name Screening

Nested Accounts

Nested Accounts

Nested Accounts

O

Office of Foreign Assets Control (OFAC)

Office of Foreign Assets Control (OFAC)

Office of Foreign Assets Control (OFAC)

Office of Financial Sanctions Implementation (OFSI)

Office of Financial Sanctions Implementation (OFSI)

Office of Financial Sanctions Implementation (OFSI)

P

Partial Match

Partial Match

Partial Match

Payment Screening

Payment Screening

Payment Screening

Politically Exposed Person (PEP)

Politically Exposed Person (PEP)

Politically Exposed Person (PEP)

R

Real-Time Screening

Real-Time Screening

Real-Time Screening

Regulatory Agency

Regulatory Agency

Regulatory Agency

Risk Assessment

Risk Assessment

Risk Assessment

Risk-Based Approach (RBA)

Risk-Based Approach (RBA)

Risk-Based Approach (RBA)

S

Sanctions Compliance

Sanctions Compliance

Sanctions Compliance

Sanctions Screening

Sanctions Screening

Sanctions Screening

Shell Company

Shell Company

Shell Company

Suspicious Activity Report (SAR)

Suspicious Activity Report (SAR)

Suspicious Activity Report (SAR)

Suspicious Transaction Report (STR)

Suspicious Transaction Report (STR)

Suspicious Transaction Report (STR)

Single Euro Payments Area (SEPA)

Single Euro Payments Area (SEPA)

Single Euro Payments Area (SEPA)

Sanctions Evasion

Sanctions Evasion

Sanctions Evasion

Secondary Sanctions

Secondary Sanctions

Secondary Sanctions

Sectoral Sanctions

Sectoral Sanctions

Sectoral Sanctions

State Secretariat for Economic Affairs (SECO)

State Secretariat for Economic Affairs (SECO)

State Secretariat for Economic Affairs (SECO)

T

Typology

Typology

Typology

Trade-Based Money Laundering (TBML)

Trade-Based Money Laundering (TBML)

Trade-Based Money Laundering (TBML)

Transaction Screening

Transaction Screening

Transaction Screening

True Positives

True Positives

True Positives

The Wolfsberg Group

The Wolfsberg Group

The Wolfsberg Group

Transaction Monitoring

Transaction Monitoring

Transaction Monitoring

U

Unilateral Sanctions

Unilateral Sanctions

Unilateral Sanctions

United Nations Security Council (UNSC) Consolidated List

United Nations Security Council (UNSC) Consolidated List

United Nations Security Council (UNSC) Consolidated List

Ultimate Beneficial Ownership (UBO)

Ultimate Beneficial Ownership (UBO)

Ultimate Beneficial Ownership (UBO)

V

Virtual Currency

Virtual Currency

Virtual Currency

W

Watchlist

Watchlist

Watchlist

Watchlist Management

Watchlist Management

Watchlist Management