Acronyms

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Alphabetical list, with meanings, of common abbreviations used in Financial Crime Compliance and Risk-Management.  

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A to E

  • ABA – American Bankers Association
  • ABC – Anti-Bribery and Corruption
  • ABI – Association of British Insurers
  • ACAMS – Association of Certified Anti-Money Laundering Specialists
  • ACCA – Association of Chartered Certified Accountants
  • ACH – Automated Clearing House
  • ACPO – Association of Chief Police Officers of England, Wales, and N. Ireland
  • ACPOS – Association of Chief Police Officers of Scotland
  • ACPR – French Prudential Supervision and Resolution Authority
  • ADI – Authorised Depository Institution
  • AEOI – Automatic Exchange of Information
  • AFB – Association of Foreign Banks
  • AFU - Asset Freezing Unit
  • AFC – Anti-Financial Crime
  • AIFMD – Alternative Investment Fund Managers Directive
  • AISP – Account Information Service Providers
  • AIM – Alternative Investment Market
  • AMF – French Financial Markets Regulator
  • AML – Anti-Money Laundering
  • AML/CTF – Anti-Money Laundering/Counter-Terrorism Financing
  • AMLC – Anti-Money Laundering Council
  • AMLD – (European Union) Anti-Money Laundering Directive
  • AMLID – Anti-Money Laundering International Database
  • AMLSF – Anti-Money Laundering Supervisors Forum
  • AMO – Account Monitoring Order
  • AMX/ASE – American Stock Exchange
  • APACS – Association for Payment Clearing Services
  • APEC – Asia Pacific Economic Cooperation
  • APER – Approved Persons Regime (FCA Handbook)
  • APG – Asia Pacific Group on Money Laundering
  • APT – Asset Protection Trust
  • ARS – Alternative Remittance System
  • AST – Automated Screening Tool
  • ATM – Automated Teller Machine
  • AUSTRAC – Australian Transaction Reports and Analysis Centre
  • BACS – Bankers' Automated Clearing System
  • BBA – British Bankers Association (now subsumed within UK Finance)
  • BCBS – Basel Committee on Banking Supervision
  • BCP – Basel Core Principles
  • BIS – Bank for International Settlements
  • BMPE – Black Market Peso Exchange
  • BNI – Bearer-Negotiable Instrument
  • BO – Beneficial Ownership
  • BOOM – Beneficial Owner, Officer or Manager
  • BPI – Bribe Payers Index
  • BPSP – Bill Payment Service Providers
  • BSA – Bank Secrecy Act
  • BSA – Building Society Association
  • CAMS – Certified Anti-Money Laundering Specialist (see also ACAMS)
  • CBDDQ – Correspondent Banking Due Diligence Questionnaire
  • CBR – Correspondent Banking Relationship
  • CCAB – Consultative Committee of Accountancy Bodies
  • CDD – Customer Due Diligence
  • CF - Client Filtering
  • CFA - Criminal Finances Act 2017
  • CFATF – Caribbean Financial Action Task Force
  • CFT – Combating the Financing of Terrorism
  • CFTC – Commodity Futures Trading Commission
  • CGR - Compliance, Governance and Risk
  • CHAPS - Clearing House Automated Payment System (run by the Bank of England)
  • CHIPS - Clearing House Interbank Payments System (USD clearing system)
  • CIA - Central Intelligence Agency (US)
  • CIF - Customer Information File
  • CIFAS - Credit Industry Fraud Avoidance System
  • CIP - Customer Identification Program
  • CJA – Criminal Justice Act 1993
  • COB – Conduct of Business
  • CPI – Corruption Perceptions Index
  • CPS – Crown Prosecution Service
  • CRA – Corridor Risk Assessment
  • CRO – Chief Risk Officer
  • CRS – Common Reporting Standard
  • CSP – Corporate Service Provider
  • CSR - Corporate Social Responsibility
  • CTF - Counter-Terrorist Financing/Counter Terror (or Terrorism) Financing
  • CTR – Cash Transaction Report
  • CTR – Currency Transaction Report
  • CVC – Convertible Virtual Currency
  • DAML – Defence Against Money Laundering
  • DATF - Defence Against Terrorist Financing
  • DBS - Disclosure and Barring Service (UK)
  • DCPCU – Dedicated Cheque and Plastic Crime Unit
  • DEA - Drug Enforcement Administration, Department of Justice (US)
  • DMLRO – Deputy Money Laundering Reporting Officer
  • DNFBP – Designated Non-Financial Businesses & Profession
  • DOJ – Department of Justice (US)
  • DPA – Data Protection Act 2018
  • DPA – Deferred Prosecution Agreement
  • DPO – Data Protection Officer
  • EAG – Eurasian Group on Combating Money Laundering & Financing of Terrorism
  • ECB – European Central Bank
  • ECOWAS – Economic Community of West African States
  • EDD – Enhanced Due Diligence
  • EEA – European Economic Area
  • EFT – Electronic Funds Transfer
  • EGFIU – Egmont Group of Financial Intelligence Units
  • EIB – European Investment Bank
  • e-IDV – Electronic Identification & Verification
  • e-KYC – Electronic Know Your Customer
  • EITI – Extractive Industry Transparency Initiative
  • EMDE – Emerging Market and Developing Economy
  • EMI – Electronic Money Institution
  • EMR – The Electronic Money Regulations 2011
  • ERM – Enterprise Risk Management
  • ESAAMLG – Eastern & Southern African Anti-Money Laundering Group
  • ESAs - European Supervisory Authorities
  • ESG - Environmental, Social, and Corporate Governance
  • ESMA - European Securities and Markets Authority
  • EU – European Union
  • EV – Electronic Verification

F to J

  • F&P – Fit and proper
  • FAP – Fraud Advisory Panel
  • FATCA – Foreign Account Tax Compliance Act
  • FATF – Financial Action Task Force (on Money Laundering)
  • FC – Financial Crime
  • FCA – Financial Conduct Authority (UK Regulator)
  • FCC – Financial Crime Compliance
  • FCG – Financial Crime Guide
  • FCCQ – Financial Crime Compliance Questionnaire
  • FCCR – Financial Crime Country Risk
  • FCO – Foreign and Commonwealth Office
  • FCPA – Foreign Corrupt Practices Act
  • FFI – Foreign Financial Institution
  • FI – Financial Institution
  • FinCEN – (United States) Financial Crimes Enforcement Network
  • FinTech – Financial Technology
  • FIU – Financial Intelligence Unit
  • FRP – Fraud Response Plan
  • FSAP – Financial Sector Assessment Program
  • FSA – Financial Services Authority
  • FSB – Financial Stability Board
  • FSF – Financial Stability Forum
  • FSMA – Financial Services and Markets Act 2000
  • FSRB – Financial Action Task Force Style Regional Bodies
  • FSSA – Financial System Stability Assessment
  • FX – Foreign Exchange
  • GAFILAT – Financial Action Task Force on Money Laundering in Latin America
  • GATT – General Agreements on Tariffs and Trades
  • GC – Gambling Commission
  • GCC – Gulf Cooperation Council
  • GDPR – General Data Protection Regulation
  • GLA – Gangmasters Licensing Authority
  • GRC – Governance, Risk & Compliance
  • G-SIFI – Globally Systemically Important Financial Institution
  • HIDTA – High Intensity Drug Trafficking Areas
  • HIFCA – High Intensity Financial Crime Areas
  • HMICFRS – Her Majesty’s Inspectorate of Constabulary and Fire & Rescue Services
  • HMRC – Her Majesty’s Revenue and Customs
  • HMT – Her Majesty’s Treasury (UK)
  • HNWI – High Net Worth Individual
  • HRTC – High-Risk Third Country
  • HVD – High Value Dealer
  • IAIS – International Association of Insurance Supervisors
  • IBC – International Business Company
  • IBRD – International Bank for Reconstruction and Development
  • ICA – International Compliance Association
  • ICAEW – Institute of Chartered Accountants England and Wales
  • ICO – Information Commissioner’s Office
  • ID – Identification
  • ID&V – Identification & Verification
  • IDA – International Development Association
  • IDD – Integrity Due Diligence
  • IFB – Insurance Fraud Bureau
  • IFC – International Finance Corporation/Company
  • IFI – International Financial Institution
  • IMF – International Monetary Fund
  • IMLPO – The Institute of Money Laundering Prevention Officers trading as The Institute
  • IMoLIN – International Money Laundering Network
  • INCSR – International Narcotics Control Strategy Report
  • Interpol – International Criminal Police Organization
  • IO – (FATF) Immediate Outcome
  • IOFC – International and Offshore Financial Centres’
  • IOSCO – International Organization of Securities Commissions
  • IPA – Insolvency Practitioners Association
  • IRS – Internal Revenue Service, Department of the Treasury (US)
  • ISIL – Islamic State of Iraq and the Levant (a.k.a. Islamic State of Iraq and Syria)
  • ISIS – Islamic State of Iraq and al-Sham
  • IVTS – Informal Value Transfer System
  • IWT – Illegal Wildlife Trade
  • JMLIT – Joint Money Laundering Intelligence Taskforce
  • JMLSG – Joint Money Laundering Steering Group

K to O

  • KY3P – Know Your Third Party
  • KYB – Know Your Business
  • KYC – Know Your Customer
  • KYCB – Know Your Correspondent Bank
  • KYCC – Know Your Customer’s Customer
  • KYE – Know Your Employee
  • KYS – Know Your Supplier
  • LC – Letter of Credit
  • LEA – Law Enforcement Agency
  • LEI – Legal Entity Identifier
  • LLP – Limited Liability Partnership
  • LSAG – Legal Sector Affinity Group
  • LSE – London Stock Exchange
  • LSE&W – Law Society of England and Wales
  • LSNI – Law Society of Northern Ireland
  • LSS – Law Society of Scotland
  • MAD – Market Abuse Directive
  • MAR – Market Abuse Regulation
  • MENAFATF – Middle East & North Africa Financial Action Task Force
  • MER – Mutual Evaluation Report (issued by the FATF)
  • MiFID – Marketing in Financial Instruments Directive
  • ML – Money Laundering
  • ML/TF – Money Laundering/Terrorist Financing
  • MLAT – Mutual Legal Assistance Treaty
  • MLCO – Money Laundering Compliance Officer
  • MLD – Money Laundering Directive
  • MLR – Money Laundering Regulations
  • MLR2017 - The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
  • MLRO – Money Laundering Reporting Officer
  • MLTA – Money Laundering Threat Assessment
  • MONEYVAL – Committee of Experts on the Evaluation of Anti-Money Laundering Measures & the Financing of Terrorism
  • MOU – Memorandum of Understanding
  • MORILE – Management of Risk in Law Enforcement
  • MPS – Metropolitan Police Service
  • MSB – Money Service Business
  • MTO – Money Transfer Operator
  • MVTS – Money or Value Transfer Service
  • NBFI – Non-Bank Financial Institution
  • NCA – National Crime Agency
  • NCCT – Non-Cooperative Country or Territory
  • NCIS – National Criminal Intelligence Service (former name of NCA)
  • NCTO – New Client Take-On
  • NECC – National Economic Crime Centre (part of the NCA)
  • NFI – Non-Financial Institution
  • NFT – Non-Fungible Token
  • NGO – Non-Governmental Organisation
  • NNS – Negative News Screening
  • NPO – Non-Profit Organisation
  • NRA – National Risk Assessment of Money Laundering and Terrorist Financing
  • NSA – National Strategic Assessment of Serious & Organised Crime (published by the NCA)
  • NTB – New-to-Bank
  • NYSE – New York Stock Exchange
  • OCC – Office of the Comptroller of the Currency (US)
  • OCSR – The Scottish Charity Regulator
  • OCTF – Organised Crime Task Force (Northern Ireland)
  • ODD – Ongoing Due Diligence
  • OECD – Organisation for Economic Cooperation and Development
  • OFAC – Office of Foreign Asset Control (US)
  • OFC – Offshore Financial Centre
  • OFSI – Office of Financial Sanctions Implementation (UK)
  • OGBS – Offshore Group of Banking Supervisors
  • OIREQ - Own Initiative Requirement
  • OLAF – European Anti-Fraud Office (Office européen de lutte antifraude)
  • OPBAS – Office for Professional Body Anti-Money Laundering Supervision
  • OSCE – Organization for Security and Co-operation in Europe
  • OSINT – Open-Source Intelligence
  • OTC – Over-the-counter (or off-exchange trading between two parties)

P to T

  • PACS – Patriot Act Communication System
  • PATRIOT Act – The Uniting and Strengthening America by Providing Appropriate Tools required to Intercept and Obstruct Terrorism Act 2001
  • PBS – Professional Body Supervisor
  • PCA – Personal Current Account
  • PCA – Pooled Client Account
  • PCP – Policies, Control, Procedure
  • PEP – Politically Exposed Person
  • PF – Proliferation Financing
  • PFU – Payment Filtering Unit
  • PIC – Private Investment Company (or Personal Investment Company)
  • PIR – Post-implementation review
  • PISP – Payment Initiation Service Providers
  • POC – Proceeds of Crime
  • POCA – Proceeds of Crime Act 2002
  • PSC – Person of Significant Control
  • PSP – Payment Services Provider
  • PSR – Payment Services Regulations
  • PTA – Payable Through Account
  • PWRA – Practice-Wide Risk Assessment
  • QA – Quality Assurance
  • QC – Quality Control
  • RA – Risk Assessment
  • RBA – Risk-Based Approach
  • RCA – Relative or Close Associate (of a PEP)
  • RegTech – Regulatory Technology
  • RIA – Regulatory Impact Assessment
  • RiskTech – Risk Technology
  • RMA – Relationship Management Application
  • RRP – Risk Reduction Plans
  • RRP – Recovery & Resolution Plan
  • RSP – Remittance Service Provider
  • SAMLA – Sanctions and Anti Money Laundering Act 2018
  • SAMLP – Systematic Anti-Money Laundering Programme
  • SAR – Suspicious Activity Report
  • SAS – Single AML supervisor
  • SCDEA – Scottish Crime and Drug Enforcement Agency
  • SDD – Simplified Due Diligence
  • SDN – Specially Designated National
  • SEC – Securities and Exchange Commission
  • SFO – Serious Fraud Office
  • SI – Statutory Instrument
  • SIE – Special Interest Entity
  • SIE – State Invested Enterprise
  • SIP – Special Interest Person
  • SLA – Service Level Agreement
  • SLC – Standby Letter of Credit
  • SLP – Scottish Limited Partnership
  • SMCR - Senior Managers and Certification Regime
  • SME - Subject Matter Expert
  • SOCA - Serious Organised Crime Agency (former name of the NCA)
  • SOE – State Owned Enterprise
  • SOF – Source of Funds
  • SOW – Source of Wealth
  • SPI – Small Payment Institution
  • SPV – Special Purpose Vehicle
  • SPSS – Single Professional Services Supervisor
  • SRA – Solicitors Regulation Authority
  • SRB – Self-Regulatory Body
  • SRC – Safe Remittance Corridor
  • SRO – Self-Regulatory Organisation
  • SSI – Sectoral Sanctions Identifications
  • SSN – Social Security Number
  • STOR – Suspicious Transaction and Order Report
  • STR – Suspicious Transaction Report
  • SUP – Supervision Manual (part of FCA Handbook)
  • SWIFT – Society for Worldwide Interbank Financial Telecommunications
  • SYSC – Senior Management Arrangements, Systems and Controls sourcebook
  • TACT – Terrorism Act 2000
  • TBML – Trade-Based Money Laundering
  • TCSP – Trust and Company Service Provider
  • TDITPSPs – Telecoms, Digital and IT Payment Service Providers
  • TF – Terrorist Financing
  • TF – Transaction Filtering
  • TFS – Targeted Financial Sanctions
  • TI – Transparency International
  • TIN – Taxpayer Identification Number
  • TM – Transaction Monitoring
  • TOM – Target Operating Model
  • TPPP – Third-Party Payment Processors
  • TPSP – Third-Party Service Provider
  • TTR – Transaction Threshold Report

U to Z

  • UBO – Ultimate Beneficial Owner
  • UCC – Uniform Commercial Code
  • UKF – UK Finance
  • UKFIU – United Kingdom Financial Intelligence Unit
  • UKPA – UK Payments Administration
  • UN – United Nations
  • UNCAC – United Nations Convention against Corruption
  • UNDP – United Nations Development Programme
  • UNICRI – United Nations Interregional Crime and Justice Research Institute
  • UNODC – United Nations Office on Drugs and Crime
  • UNSCR – United Nations Security Council Resolution
  • UNTOC – United Nations Convention on Transnational Organised Crime
  • USAID – United States Agency for International Development
  • USC – United States Criminal Code
  • UTR – Unique Transaction Reference
  • UTR – Unusual Transaction Report
  • UWO – Unexplained Wealth Order
  • VASP – Virtual Asset Service Provider
  • VREQ – Voluntary Requirement
  • WB – World Bank
  • WBI – World Bank Institute
  • WTO – World Trade Organization
  • WTR – Wire Transfer Regulations
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