Business relationship
Any relationship directly connected with obliged entities’ commercial or professional activities and expected to have an element of duration“. This concept extends beyond the financial sector to include a variety of professions that require specific licensing or approval. Obliged entities engage in commercial or professional activities requiring licensure or approval due to ML and TF […]
Business partners
All brokers, finders, dealers, resellers, distributors, teaming partners, joint venture partners, contractors, suppliers, consultants, agents and any other third party with whom an organisation does business.
Business
An organisation that provides goods, services or both to the community in exchange for money to become profitable.
Bullion
In the financial sector, “bullion” effectively refers to the content of precious metal in a bar, coin, round, or some other form. Bullion is most often discussed as raw metal, but it can also refer to metal that has been processed into an object, as in the case of a gold, silver, or platinum coin.
Bonded warehouse
A bonded warehouse is an authorised warehouse where customs agents keep and control goods. Its primary function is facilitating international trade by complying with customs regulations efficiently. The stored goods may belong to the importer, exporter or an authorised third party known as a bonded warehouse keeper. In addition to warehousing, bonded warehouses can offer […]
Bond
Governments, enterprises, banks, and other entities make a written guarantee to repay a debt at a predetermined time and interest rate. Interest rates can be both variable and fixed.
Blockchain
A blockchain is a digital ledger in which ‘blocks’ of transactions are publicly recorded and chronologically added to a chain of ever-growing records. The data is secure using cryptography and accessible by computers connected to ‘nodes’ on the network. It is shared with all participants and is resistant to modification because altering it requires the […]
Blocklist
In the context of AML and CFT, a blocklist refers to a list of individuals, entities, countries, or jurisdictions identified as high-risk or sanctioned due to their involvement in illegal activities such as money laundering, terrorist financing, or other financial crimes.
Bill of Lading (BoL)
A bill of lading is a legal document issued by a carrier to the shipper. It contains details about which goods are being shipped, where the shipment is coming from and going to, and details of the shipper, carrier, and consignee. In addition, it provides evidence of the terms of the contract between a shipper […]
Bill of Exchange
A bill of exchange is a commercial agreement that ensures that one person will pay another a set amount of money on a specific date. A bill of exchange is a written order issued by one person, known as the drawer, to another person, known as the drawee or debtor, to pay a sum of […]