An order by the regulatory authorities or courts prevents the respondent’s disposal of assets.

An order issued by a government authority requires a financial institution to provide transaction information on a suspect account for a specified period.

In the context of financial crime/AML, accountability relates to the fact that senior management must appoint an individual to implement an AML/CTF programme, but the ultimate accountability for the programme’s effectiveness remains with senior management.

This is a deception in which individuals are persuaded to pay their money to a criminal on the promise of receiving a higher sum of money in exchange. It is commonly described as paying a ‘fee’. However, the more significant sum of money does not exist.

Financial institutions and other companies use a due diligence procedure to uncover negative or unfavourable information about a consumer from various media sources.

This screening is looking for news articles, reports, and other publications that could show involvement in criminal activity, regulatory violations, or other reputational hazards. The goal is to improve customer risk assessment by recognising early red flags, ensuring compliance with AML/CFT legislation, and limiting the risks associated with dealing with individuals or entities who may jeopardise the organisation’s integrity and reputation.

A written statement is given under oath before an officer of the court, notary public, or another authorised person. It is commonly used as the factual basis for an application for a search, arrest or seizure warrant.

Alternative remittance systems are financial services, traditionally operating outside the conventional financial sector, where value or funds are moved from one geographic location to another. Examples are Hawala, Hundi and Chitti banking.

A thorough review of a company’s AML policies, procedures, and compliance practices is needed to assess the effectiveness of a company’s measures in preventing and detecting money laundering activities.

AML automation is having AML software automate an organisation’s money laundering prevention and compliance tasks. In practice, this usually means combing through submitted data for risk-associated markers – including high-risk individuals and suspicious transactions, through transaction monitoring.

Anti-money laundering (or AML) compliance entails carefully adhering to rules and regulations to combat illicit financial activities.