These are regional bodies created to replicate the activities of the FATF. Activities such as Mutual Evaluations, capacity building workshops are organized by the regions. The following are FATF Style Regional Bodies;

• Asia/Pacific Group on combating money laundering (APG)
• Caribbean Financial Action Task Force (CFATF)
• Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism of the Council of Europe (MONEYVAL)
• Eurasian Group (EAG).
• Middle East and North Africa (MENAFATF)
• Eastern and Southern Anti-Money Laundering Group (ESAAMLG).
• Financial Action Task Force on Latin America (GAFILAT).
• Task Force on Money Laundering in Central Africa (GABAC).
• Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).

This refers to steps an institution undertakes in order to understand the money laundering/ terrorist financing risk posed by a client. The following steps are minimum steps that may be considered under KYC/CDD measures:

• Identifying the customer and verifying that customer’s identity using reliable, independent source documents, data or information.
• Identifying the beneficial owner, and taking reasonable measures to verify the identity of the beneficial owner, such that the financial institution is satisfied that it knows who the beneficial owner is. For legal persons and arrangements this should include financial institutions understanding the ownership and control structure of the customer.
• Understanding and, as appropriate, obtaining information on the purpose and intended nature of the business relationship.
• Conducting ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship to ensure that the transactions being conducted are consistent with the institution’s knowledge of the customer, their business and risk profile, including, where necessary, the source of funds.

Financial institutions  and Designated Non-Financial Businesses and Professions (DNFBPs) should be required to keep all records obtained through CDD measures (e.g. copies or records of official identification documents like passports, identity cards, driving licences or similar documents), account files and business correspondence, including the results of any analysis undertaken (e.g. inquiries to establish the background and purpose of complex, unusual large transactions), for at least five years after the business relationship is ended, or after the date of the occasional transaction.

This means the permanent deprivation of funds or other assets by order of a competent authority or a court.

Refers to banknotes and coins that are in circulation as a medium of exchange.

Refers to a trust clearly created by the settlor, usually in the form of a document e.g. a written deed of trust.

Is an assessment of a country's measures to combat money laundering, the financing of terrorism and the proliferation of weapons of mass destruction. This includes an assessment of a country's actions to address the risks emanating from money laundering activities as well as designated terrorists or terrorist organisations.

This is where countries identify, assess and understand the risks of money laundering and terrorist finance that they face and then adopt appropriate measures to mitigate those risks.

Is a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes

These are persons with public functions both domestically and internationally, family members, friends and other associates of such public officials.

is a body that represents a profession (e.g. lawyers, notaries, other independent legal professionals or accountants), and which is made up of members from the profession, has a role in regulating the persons that are qualified to enter and who practise in the profession, and also performs certain supervisory or monitoring type functions.

This means a bank that has no physical presence in the country in which it is incorporated and licensed, and which is unaffiliated with a regulated financial group that is subject to effective consolidated supervision.

This means both asset freezing and prohibitions to prevent funds or other assets from being made available, directly or indirectly, for the benefit of designated persons and entities

It is the grounds upon which a crime is committed.

• participation in an organised criminal group and racketeering;
• terrorism, including terrorist financing;
• trafficking in human beings and migrant smuggling;
• sexual exploitation, including sexual exploitation of children;
• illicit trafficking in narcotic drugs and psychotropic substances;
• illicit arms trafficking;n
• illicit trafficking in stolen and other goods;
• corruption and bribery;
• fraud;
• counterfeiting currency;
• counterfeiting and piracy of products;
• environmental crime;
• murder, grievous bodily injury;
• kidnapping, illegal restraint and hostage-taking;
• robbery or theft;
• smuggling; (including in relation to customs and excise duties and taxes);
• tax crimes (related to direct taxes and indirect taxes);
• extortion;
• forgery;
• piracy; and
• Insider trading and market manipulation.

• individual, groups, undertakings and entities designated by the Committee of the Security Council established pursuant to resolution 1267 (1999) (the 1267 Committee), as being individuals associated with Al-Qaida, or entities and other groups and undertakings associated with Al-Qaida;
• individuals, groups, undertakings and entities designated by the Committee of the Security Council established pursuant to resolution 1988 (2011) (the 1988 Committee), as being associated with the Taliban in constituting a threat to the peace, stability and security of Afghanistan, or entities and other groups and undertakings associated with the Taliban;
• any natural or legal person or entity designated by jurisdictions or a supra-national jurisdiction pursuant to Security Council resolution1373 (2001);
• any individual, natural or legal person or entity designated for the application of targeted financial sanctions pursuant to Security Councilresolution1718 (2006) and any future successor resolutions by the Security Council in annexes to the relevant resolutions, or by the Security Council Committee established pursuant to resolution 1718 (2006) (the 1718 Sanctions Committee) pursuant to Security Council resolution 1718 (2006); and
• any natural or legal person or entity designated for the application of targeted financial sanctions pursuant to Security Council resolution2231 (2015) and any future successor resolutions by the Security Council.

This means to prohibit the transfer, conversion, disposition or movement of any property, equipment or other instrumentalities on the basis of, and for the duration of the validity of, an action initiated by a competent authority or a court under a freezing mechanism, or until a forfeiture or confiscation determination is made by a competent authority.

Refers to financial services that involve the acceptance of cash, cheques, other monetary instruments or other stores of value and the payment of a corresponding sum in cash or other form to a beneficiary by means of a communication, message, transfer, or through a clearing network to which the MVTS provider belongs.

(a)Casinos

(b)Real estate agents.

(c)Dealers in precious metals.

(d)Dealers in precious stones.

(e)Lawyers, notaries, other independent legal professionals and accountants – this refers to sole practitioners, partners or employed professionals within professional firms. It is not meant to refer to ‘internal’ professionals that are employees of other types of businesses.

This is a report filed by accountable institutions within twenty-four hours upon the grounds of forming the suspicion that an act may be linked to money laundering or terrorist financing.  

Is the fact that a suspicious transaction report (STR) or related information is being filed with the FIU is disclosed to a third party.

This means all possible measures taken by countries to ensure that they do not provide safe havens for individuals charged with the financing of terrorism, terrorist acts or terrorist organisations

Refers to a legal person or arrangement or organisation that primarily engages in raising or disbursing funds for purposes such as charitable, religious, cultural, educational, social or fraternal purposes, or for the carrying out of other types of “good works”.

Refers to the exploitation by terrorists and terrorist organisations of NPOs to raise or move funds, provide logistical support, encourage or facilitate terrorist recruitment, or otherwise support terrorists or terrorist organisations and operations.

• This includes verifying the identity of the customer and the beneficial owner after the establishment of the business relationship (e.g. if account transactions rise above a defined monetary threshold).
• Reducing the frequency of customer identification updates.
• Reducing the degree of on-going monitoring and scrutinising transactions, based on a reasonable monetary threshold.
• Not collecting specific information or carrying out specific measures to understand the purpose and intended nature of the business relationship, but inferring the purpose and nature from the type of transactions or business relationship established.

Refers to any wire transfer where the ordering financial institution and beneficiary financial institution are located in different countries.

Refers to the account holder who allows the wire transfer from that account, or where there is no account, the natural or legal person that places the order with the ordering financial institution to perform the wire transfer

Refers to any transaction carried out on behalf of an originator through a financial institution by electronic means with a view to making an amount of funds available to a beneficiary person at a beneficiary financial institution, irrespective of whether the originator and the beneficiary are the same person.

Refers to any in-bound or out-bound physical transportation of currency or Bearer Negotiable Instruments (BNIs) from one country to another country.

Is the provision of banking services by one bank (the “correspondent bank”) to another bank (the “respondent bank”).

This is a report that is submitted by accountable institutions when they conduct cash transactions exceeding a specific threshold. The Financial Intelligence Centre has the mandate to set specific thresholds for specific sectors.

This is a report submitted to the Financial Intelligence Centre by the commercial banks on inflows and outflows exceeding US$1,000.00.

These are mandatory reports required to be submitted by accountable institutions to demonstrate their levels of compliance to the regulator or competent authorities. These reports are usually filed on monthly, quarterly, half yearly or annual basis.

This is an approach adopted to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate with the risks identified and resources are efficiently allocated.

Refers to correspondent accounts that are used directly by third parties to transact business on their own behalf.

It is the adequate legal basis for providing assistance and, where appropriate, have in place treaties, arrangements or other mechanisms to enhance international cooperation.

This means (a) the development of new products and new business practices, including new delivery mechanisms, and (b) the use of new or developing technologies for both new and pre-existing products.