+1-305-772-9712
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FAQ

AML

AML is the abbreviation for Anti-Money Laundering.

AML Audit

Anti-Money Laundering (AML) Audit is a thorough examination of an regulated entity’s policies, procedures, systems and controls designed to identify potential risks and vulnerabilities related to money laundering, terrorist financing and proliferation activities, ensuring compliance with AML/CFT/CFP/FCP laws and regulations.

AML Education

AML Education is designed to improve the knowledge, performance and skills of employees by enhancing their understanding of anti-money laundering and counter terrorism financing laws and regulations. AML education is an ongoing process. thus, it is important to stay up to date on current developments and changes to laws and regulations.

AML Program

An AML Program is a set of procedures designed to safe guard against individuals attempting to use businesses to facilitate money laundering or terrorist financing.

AML Sanctions Lookback

Anti-Money Laundering (AML), BSA, OFAC Sanctions Lookback is a review of past transactions to identify potential missed or unreported suspicious activity, often triggered by regulatory actions or self-identified issues within a Financial Institution or Designated Non-Financial Businesses and Professions (DNFBP).

AML System Validation

Anti-Money Laundering (AML) System Validation is a process to ensure that AML models and systems effectively identify and prevent suspicious activity, ensuring compliance with regulations and preventing financial crimes.

Artificial Intelligence (AI)

Artificial Intelligence (AI) refers to the development of computer systems capable of performing tasks that typically require human intelligence, such as learning, reasoning, and problem-solving

CFATF

The Caribbean Financial Action Task Force (CFATF) is an organisation of twenty-nine states of the Caribbean Basin , which have agreed to implement common countermeasures to address the problem of criminal money laundering.

Compliance

Compliance is undertaking activities or establishing policies or procedures in accordance with the requirements or expectations of an external authority that are imposed upon a business.

Corporate Transparency Act (CTA)

Corporate Transparency Act (CTA), a “Beneficial Owner” (BO) is an individual who directly or indirectly owns or controls at least 25% of a reporting company or exercises substantial control over it.

CPF

CPF is the abbreviation for Counter Proliferation Financing

CTF

CTF is the abbreviation for Counter Terrorism Financing.

Due Diligence

Due Diligence is the process of evaluating a prospective business relationship by obtaining information about the financial, legal, and other material state of the other party.

Enhanced Due Diligence

Enhanced Due Diligence (EDD) is a risk-based process that involves gathering and analyzing more in-depth information about high-risk customers or business relationships to identify and mitigate potential financial crimes like money laundering, terrorist financing, proliferation financing and human trafficking.

Financial Intelligence Unit

The Financial Intelligence Unit (FIU) in a country is a government agency that is responsible for receiving, analyzing, obtaining and disseminating information which relates to or may relate to the proceeds of money laundering or criminal offences.

Know Your Customer

Know Your Customer (KYC) is the activities of customer due diligence that financial institutions and other regulated businesses must perform to identify their customers and ascertain relevant information pertinent to doing financial business with them. KYC enables businesses to know/understand their customers and their financial dealings to be able to serve them.

Money Laundering

Money Laundering is the process criminals use to exchange their dirty money (funds they made through illegal activity) for clean money (funds that can’t be traced back to the crime or the criminals).

Politically Exposed Person

Politically Exposed Person (PEP) is a person identified as a senior foreign or domestic political figure, any member of their immediate family and any close associate. PEPs are individuals who have or have had positions of public trust.

Risk Assessment

Risk Assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat.

Risk-Based Approach

A Risk-Based Approach (RBA) involves identifying, assessing and understanding potential risks, then implementing mitigation measures proportionate to the level of risk.

Transaction Monitoring

Transaction Monitoring is the practice of proactively and reactively identifying and flagging potentially suspicious financial transactions for manual review, using rules and data to detect outliers and anomalies that could indicate money laundering, fraud, or other illicit activities.

Ultimate Beneficial Owner (UBO)

Ultimate Beneficial Owner (UBO) refers to the natural person(s) who ultimately own or control a business or legal entity, or on whose behalf a transaction is conducted.

ComplianceAid BSA AML Services LLC

150 SE 2nd Ave, Suite 300
Miami, Florida, 33131, USA
+1 (305) 772-9712
contact@complianceaid.pro

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