Definitions

According to the Financial Action Task Force's (FATF) Recommendation 20, a suspicious transaction report (STR) or a suspicious activity report (SAR) is filed by a financial institution or, by a concerned citizen, to the local Financial Intelligence Unit if they have ... Read More →

According to The Egmont Group, the definition of a Financial Intelligence Unit (FIU) is as follows: Countries should establish a financial intelligence unit (FIU) that serves as a national centre for the receipt and analysis of (a) suspicious transaction reports; and ... Read More →

Source of Wealth (SOW) Refers to the origin of the customer's entire body of wealth. Examples of SOW: ownership of a businessemploymentinheritanceinvestments Source of Funds (SOF) Refers to the origin of the particular funds or any other ... Read More →

There are three main methods by which criminal organisations and terrorist financiers move money for the purpose of disguising its origins and integrating it into the formal economy. The first is through the use of the financial system; the second involves the physical ... Read More →

In trust law, a beneficiary is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary can be a natural or legal person or arrangement. All trusts (other than charitable or statutory permitted non-charitable trusts) are required to ... Read More →