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 |
