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Baffled by all the acronyms used in Anti-Money Laundering (AML) compliance?
Here's a handy list of sector acronyms for Art Market Participants (AMPs) to refer to
Acronym |
Definition |
| AML | Anti-Money Laundering |
| AMLCTF | Anti-Money Laundering Countering Terrorist Financing |
| AMP | Art Market Participant, (art dealers, gallerists, auction house, art fair) |
| BOOMs | Business Owners, Officers and Managers |
| CDD | Customer Due Diligence: identification, verification and risk assessment of customer, artwork, and transaction |
| DPO | Data Protection Officer: responsible for training, monitoring, and reporting on data protection |
| EDD | Enhanced Due Diligence: additional customer due diligence measures for higher-risk situations |
| FIT | Fit and Proper Test: assessment of an employee's suitability for a position |
| FATF | Financial Action Task Force: established in 1989 to set standards for combating money laundering and terrorist financing |
| FCA | Financial Conduct Authority (UK) |
| GDPR | General Data Protection Regulation |
| HMRC | HM Revenue & Customs |
| HMT | His Majesty's Treasury: UK government's economic and finance ministry |
| HRTCs | High-risk third countries |
| ID&V | Identification & Verification |
| JMLIT | Joint Money Laundering Intelligence Taskforce |
| JMLSG | Joint Money Laundering Steering Group (UK) |
| KYC | Know Your Customer: understanding customer behavior |
| LLP | Limited Liability Partnership: a business structure with limited liability for some or all partners |
| MLRs | Money Laundering Regulations (MLRs) 2017 |
| MLRO | Money Laundering Reporting Officer |
| NCA | National Crime Agency: leads UK's fight against organized and serious crime |
| NECC | National Economic Crime Centre: part of the NCA |
| NO | Nominated Officer: also known as Money Laundering Reporting Officer (MLRO) |
| OFAC | Office of Foreign Assets Control (OFAC): administers and enforces economic and trade sanctions in the US |
| OFSI | Office of Financial Sanctions Implementation: ensures financial sanctions are properly enforced in the UK |
| PEP | Politically Exposed Person: someone in a prominent public function with potential bribery and corruption risk |
| PF | Proliferation Financing |
| PCPs | Policies, Controls, and Procedures |
| POCA | Proceeds of Crime Act: key UK legislation for identifying and confiscating criminal proceeds |
| RA | Risk Assessment |
| SAR | Suspicious Activity Report: submitted to the NCA about suspicions of money laundering or terrorist financing |
| SDD | Simplified Due Diligence |
| SoF | Source of Funds |
| SoW | Source of Wealth |
| TF | Terrorism Financing |
| UBO | Ultimate Beneficial Owner: person or entity that is the ultimate beneficiary of a company |