Advance Fee Fraud (AFF)
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.
Adverse Media Screening (AMS)
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 […]
Account Monitoring Order (AMO)
An order issued by a government authority requires a financial institution to provide transaction information on a suspect account for a specified period.
Account Freezing Order (AFO)
An order by the regulatory authorities or courts prevents the respondent’s disposal of assets.
Accountability
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.