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)

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

C

Customer Due Diligence (CDD)

Customer Due Diligence (CDD)

Customer Due Diligence (CDD)

Compliance

Compliance

Compliance

D

Designated Categories of Offense

Designated Categories of Offense

Designated Categories of Offense

Delisting

Delisting

Delisting

Due Diligence

Due Diligence

Due Diligence

E

Enhanced Due Diligence (EDD)

Enhanced Due Diligence (EDD)

Enhanced Due Diligence (EDD)

Economic Sanctions

Economic Sanctions

Economic Sanctions

Embargo

Embargo

Embargo

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

G

General Data Protection Regulation (GDPR)

General Data Protection Regulation (GDPR)

General Data Protection Regulation (GDPR)

Grey List

Grey List

Grey List

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

I

Insider Threat

Insider Threat

Insider Threat

International Monetary Fund (IMF)

International Monetary Fund (IMF)

International Monetary Fund (IMF)

J

Joint Money Laundering Intelligence Taskforce (JMLIT)

Joint Money Laundering Intelligence Taskforce (JMLIT)

Joint Money Laundering Intelligence Taskforce (JMLIT)

K

Know Your Customer (KYC)

Know Your Customer (KYC)

Know Your Customer (KYC)

L

Legal Risk

Legal Risk

Legal Risk

M

Machine Learning (ML)

Machine Learning (ML)

Machine Learning (ML)

Money Laundering

Money Laundering

Money Laundering

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)

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

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)

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

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

V

Virtual Currency

Virtual Currency

Virtual Currency

W

Watchlist

Watchlist

Watchlist