Money Laundering Reporting Officer (MLRO)
This term is used in different international standards to describe the person in charge of managing a company’s AML activities and program and filing reports of suspicious transactions with the national FIU. The MLRO is the primary individual in implementing AML strategies and policies and filing SAR or STR.
Money Mule
An individual who is recruited, often unknowingly, by criminals to transfer illegally obtained money between different accounts or jurisdictions. Money mules are used to launder money and evade detection by law enforcement agencies. They may be persuaded through various means, such as job offers or romance scams, and are typically unaware of the criminal nature […]
Money Laundering
Money laundering is the process of hiding the source of money obtained from illegal sources and converting it to a clean source, thereby avoiding prosecution, conviction, and confiscation of the criminal funds. It is an unlawful exercise that converts illicit money into legally gained money. Shape Money laundering is a serious financial crime. AML measures […]
Memorandum of Understanding (MOU)
A formal document outlining an agreement between two or more parties.
Markets in Financial Instruments Directive (MiFID II)
European Union’s Markets in Financial Instruments Directive (MiFID) is a set of financial regulations to safeguard and enhance financial markets’ efficiency. MiFID II, the second iteration of these rules effective as of January 3rd, 2018, expands MiFID II. This set of rules aims to increase transparency on tradable securities (RTS23), improve the accuracy of timestamps […]