Bitcoin Mixer (or Tumbler)
A service that mixes or blends potentially identifiable cryptocurrency funds with others to obscure the origin and ownership of the funds. This process, also known as “tumbling,” involves pooling together bitcoins from multiple users and then redistributing them, making it difficult to trace the transaction history. Bitcoin mixers are often used to enhance privacy and […]
Bitcoin
Bitcoin is a cryptocurrency that is exchanged using blockchain technology on a public online ledger that verifies and records the transactions. The integrity of the data underpinning the bitcoin system is maintained by’ miners’ who prove that the bitcoins have not already been spent elsewhere and incorporate the transactions into the blockchain in exchange for […]
Biometrics
Biometrics is the unambiguous recognition of people based on their physical attributes (fingerprints, retinas, iris, face, etc.) or behaviour (signature, stride, or even typing), distinct and unmistakable. They do not change over time and are unaffected by external factors. This method is comparable to the one that humans use to recognise and identify their peers […]
Beneficiary
A beneficiary refers to an individual or entity that ultimately receives the funds, assets or benefits from a financial transaction or arrangement.
Beneficial Owner (BO)
In the context of legal persons, beneficial owner refers to the natural person(s) who is the ultimately BO is typically defined as an individual who owns more than 25% of the company’s shares or voting rights, or who otherwise exercises control over the management and operations of the entity. Refers to situations in which ownership/control […]
Basel AML Index
The Basel AML Index is an unbiased instrument for ranking countries and assessing the danger of money laundering and terrorism funding. Since 2012, the Basel Institute on Governance has produced holistic money laundering and terrorist financing (ML/TF) risk scores based on data from 18 publicly available sources, including the FATF, Transparency International, the World Bank, […]
Benami Account
Benami accounts, linked to the Indian subcontinent’s Hawala clandestine banking system, are nominee accounts held by one individual or organisation on behalf of another. A Benami account or Benami transaction allows a person in one jurisdiction to transfer money to another via a hawaladar while hiding their true identity or the identity of the fund […]
Bearer shares and bearer share warrants
Bearer shares are negotiable instruments that grant ownership of a legal person to the person who holds the physical bearer share certificate and any other similar instruments that are not traceable. It does not apply to dematerialised and/or registered types of share certificates whose owners can be identified. Bearer share warrants are negotiable instruments that […]
Bearer Negotiable Instruments (BNI)
BNIs are monetary instruments in bearer form, such as traveller’s cheques; negotiable instruments (including cheques, promissory notes, and money orders) that are either in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title passes upon delivery; and incomplete instruments (including cheques, promissory notes, and money orders) […]
Bearer Form
With a certificate, share transfer or other document, a bearer form enables a designated investment or deposit to be sold, transferred, surrendered or addressed to a bearer without further written instructions.