General Terms

Adverse media refers to negative or potentially concerning public information about a person, company or related party. It may include news reports, enforcement actions, allegations, litigation, investigations or other public-interest concerns.

AML (Anti-Money Laundering) refers to laws, policies and controls designed to prevent criminal proceeds entering the financial system. AML processes often include KYC, KYB, screening, monitoring and suspicious activity reporting.

A BO (Beneficial Owner) is a person who owns, controls or benefits from a company or legal arrangement. UBO review normally focuses on identifying the ultimate individuals behind the ownership chain.

CDD (Customer Due Diligence) is the process of collecting, checking and maintaining information about a customer. It helps organisations understand who they are dealing with and whether additional review is needed.

CFT (Countering the Financing of Terrorism) refers to controls designed to prevent funds or services being used to support terrorism. It is usually handled alongside AML and sanctions compliance.

CPF (Counter-Proliferation Financing) refers to controls designed to prevent the financing of weapons proliferation. It is commonly linked to targeted financial sanctions and export-control screening.

DNFBP means Designated Non-Financial Business and Profession. It usually refers to sectors such as lawyers, accountants, real estate agents, trust and company service providers, and other non-bank businesses with AML/CFT obligations.

EDD (Enhanced Due Diligence) is a deeper review process used when a customer, transaction or relationship presents higher risk. It may involve additional documentation, source of funds checks, ownership review or senior approval.

FATF (Financial Action Task Force) is an intergovernmental body that sets global standards for anti-money laundering, counter-terrorist financing and counter-proliferation financing. Many national AML/CFT frameworks are based on FATF recommendations.

An FI (Financial Institution) is a regulated business that provides financial services, such as banking, insurance, investment, lending or payment services. Financial institutions are commonly subject to AML, KYC and sanctions screening requirements.

An FIU (Financial Intelligence Unit) is a national authority that receives and analyses suspicious transaction or activity reports. FIUs play a central role in AML/CFT reporting frameworks.

KYB (Know Your Business) is the process of identifying and checking a company or organisation. It may include company registration checks, ownership review, director screening and ongoing monitoring.

KYC (Know Your Customer) is the process of identifying and checking an individual customer before or during a business relationship. It usually includes identity checks, screening and ongoing customer review.

An MLRO (Money Laundering Reporting Officer) is the person responsible for receiving internal suspicious activity reports and managing external reporting obligations. The exact title and duties vary by jurisdiction and organisation type.

Monitoring means repeatedly checking a customer or entity over time for new matches, changes or risk indicators. It helps identify issues that appear after onboarding.

An NBFI (Non-Bank Financial Institution) is a financial services business that is not a bank. This can include insurers, brokers, finance companies, payment providers, money changers, remittance providers and other regulated financial businesses.

Ongoing CDD means keeping customer information and screening results up to date during the business relationship. It supports periodic review, event-driven review and ongoing monitoring.

A PEP (Politically Exposed Person) is someone who holds, or has held, a prominent public position. PEP screening helps identify people who may require additional due diligence because of their public role or influence.

PF (Proliferation Financing) refers to funding or facilitating the spread of weapons of mass destruction or related materials. It is often addressed through sanctions, export controls and counter-proliferation measures.

RBA (Risk-Based Approach) means applying stronger compliance controls where the risk is higher and simpler controls where the risk is lower. It is a core concept in modern AML, KYC and KYB compliance.

RCA means Relatives and Close Associates of a Politically Exposed Person. RCA screening helps identify people closely connected to a PEP who may require additional review in a KYC or KYB process.

Sanctions are legal or regulatory restrictions applied to people, companies, vessels, countries or activities. They may involve asset freezes, travel restrictions, trade controls or other limits on doing business with a listed party.

A SAR (Suspicious Activity Report) is a report made when activity appears suspicious, even if it is not limited to a single transaction. Some jurisdictions use SAR and STR differently, while others use similar concepts under different names.

Screening is the process of checking a person, company or related party against sanctions lists, PEP lists, watchlists and other compliance sources. It is usually part of a wider KYC, KYB or CDD workflow.

SDD (Simplified Due Diligence) is a lighter customer due diligence process used where the risk is assessed as low and local rules allow it. It does not mean no due diligence is required.

SDN means Specially Designated Nationals, a term used for certain people, companies and entities subject to United States sanctions. In screening results it usually refers to a sanctions-list context rather than an ordinary business label.

SOF (Source of Funds) refers to where money used in a transaction or relationship comes from. It is commonly reviewed in enhanced due diligence or higher-risk customer cases.

SOW (Source of Wealth) refers to how a person or organisation accumulated their overall wealth. It is often reviewed for higher-risk customers, PEPs or complex ownership structures.

An STR (Suspicious Transaction Report) is a report submitted to the relevant authority when a transaction or activity appears suspicious under AML/CFT rules. The exact reporting threshold and process varies by jurisdiction.

TF (Terrorist Financing) refers to providing or moving funds that may support terrorism or terrorist organisations. It is usually addressed through CFT controls, sanctions screening and suspicious activity reporting.

TFS (Targeted Financial Sanctions) are sanctions measures directed at specific people, companies, groups or assets. They are commonly used for terrorism financing, proliferation financing and international sanctions regimes.

A UBO (Ultimate Beneficial Owner) is the individual who ultimately owns or controls a company or legal arrangement. UBO identification is an important part of KYB and customer due diligence.

A UNSCR (United Nations Security Council Resolution) is a formal decision of the United Nations Security Council. Some resolutions create sanctions obligations that countries implement through domestic law and financial sanctions rules.

A VASP (Virtual Asset Service Provider) is a business that provides services involving virtual assets or cryptocurrencies. VASPs are commonly subject to AML/CFT controls, customer due diligence and transaction monitoring requirements.

A watchlist is a list of people, companies or other entities that may require compliance review. Watchlists can include sanctions lists, enforcement lists, warning lists, wanted lists, PEP lists and other risk-related sources.