---
title: Baffled by all the acronyms used in Anti-Money Laundering (AML) compliance?
description: Baffled by all the acronyms used in Anti-Money Laundering (AML) compliance? Here's a list of sector acronyms for Art Market Participants (AMPs) to refer to
---
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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 |
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