The FATF defines DNFBPs as: 1. Casinos (including internet- and ship-based casinos) 2. Real estate agents. 3. Dealers in precious metals. 4. Dealers in precious stones. 5. Lawyers, notaries, other independent legal professionals and accountants – this refers to ... Read More →
Definitions
Library on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT)
De-risking
The Finanial Action Task Force defines de-risking as: The phenomenon of financial institutions terminating or restricting business relationships with clients or categories of clients to avoid, rather than manage, risk in line with the FATF’s risk-based approach The ... Read More →
Chinese Wall
Chinese Wall, sometimes referred to as China Wall, is a barrier to prevent the communication of information for the purposes of avoiding conflicts of interest. For example, a "chinese wall" is put up to prevent sensitive corporate information from leaking, or prevent ... Read More →
Trust
A trust is a legal arrangement between a settlor (sometimes known as trustor) and a trustee, where the settlor gives the trustee the right to hold the title of the settlor's assets trustee manages the assets for the benefit of a third party, the beneficiary. ... Read More →
Name Screening
Name screening is part of the process of performing due diligence. The process (also known as "screening") involves taking a name and searching it on a name-screening database. A name screening database is usually obtained from reputable risk and compliance companies on ... Read More →
