Counterparty
An opposite party in a contract or financial transaction or any individual or organisation utilising the services provided by the Service Provider.
Customer onboarding
AML customer onboarding is the first step towards a customer and business relationship, where institutions and other regulated entities must collect a range of important information about their customers as part of the CDD and know-your-customer (KYC) process. By obtaining this information, institutions can establish that their customers are who they say they are and […]
Customer Screening
Verifying and analysing potential and existing customers involves consulting regulatory watchlists, sanctions lists, politically exposed persons (PEP) lists, and negative media sources. Enabling identify persons or businesses involved in money laundering, terrorism funding, or other financial crimes. Customer screening assists financial institutions and linked businesses in ensuring compliance with AML/CFT requirements, mitigating risks, and maintaining […]
Customer Fraud
Customer fraud is when fraudsters pose as customers and deceive a business into committing a financial crime, such as using forged currency or another person’s payment card to buy goods and services or to get a line of credit they use without intending to pay back.
Customer Risk Assessment
A systematic process used by financial institutions and related entities to evaluate the potential risks associated with a customer in terms of money laundering and terrorist financing (AML/CFT). This assessment involves analysing various factors, including the customer’s identity, financial transactions, geographic location, and business activities, to determine their overall risk level. The goal is implementing […]
Customer Due Diligence (CDD)
CDD involves implementing policies, practices, and procedures within a financial regulatory obligation to anticipate the transactions a customer is expected to conduct accurately. This process consists of verifying the customer’s identity and establishing a standard of account activity to detect transactions deviating from typical or anticipated patterns.
Custodian
An indidudual or legal entity (a company) who uses the Service Provider Services. Refer to Counterparty.
Cuckoo Smurfing
Cuckoo Smurfing essentially takes large transactions into smaller ones to steal or launder money from the government. This technique is often used as a way to avoid paying taxes illegally. Through Cuckoo Smurfing, criminals can use cash or drugs without being caught. Criminals deposit their money into seemingly innocent bank accounts. They typically enlist the […]
Cross Border Payments
Payments involve more than one country, whether physically moving cash across an international border or electronically transferring funds from one jurisdiction to another.
Crypto Scam
A cryptocurrency fraud strategy is where scammers deceive victims to take their digital assets. This can take various forms, including bogus investment opportunities, phishing attacks, Ponzi schemes, and fraudulent initial coin offerings. Crypto scams take advantage of cryptocurrency’s anonymity and lack of regulation, frequently resulting in substantial financial losses for the victims.