Event-Triggered Monitoring
An internal control used to mitigate sanctions risks. Event-triggered monitoring occurs whenever relevant information about an existing customer (e.g., its jurisdiction of operation) changes, requiring an interim review prior to a scheduled review.
External Evasion
When a customer or its third-party violates sanctions without the cooperation or knowledge of internal staff.
Evasion
An act of avoiding sanction notifications and engaging in prohibited activity without being caught.
Enhanced Due Diligence (EDD)
EDD refers to an advanced KYC due diligence process that organisations undertake when they require further risk investigation and higher identity assurance. Whereas CDD may be automated, EDD is typically a manual process. EDD procedures are also triggered when dealing with high-risk individuals, and high transactional amounts.
Embezzlement
The unlawful act of taking or misappropriating funds entrusted by an employer or organisation for one’s own use.
Embargo
A formal government move to prohibit trade or commercial activity with a specific country, usually involving a particular product of trade (e.g., a grain or oil embargo).
Electronic Know Your Customer (e-KYC)
An automated process through which companies can perform customer identity verification digitally. eKYC is an alternative to the traditional method that requires physical documents.
Egmont Group of Financial Intelligence Units
The Egmont Group consists of numerous national financial intelligence units (FIUs) that meet regularly to promote FIUs’ development and cooperation, especially in information exchange, training, and the sharing of expertise. The goal of the Group is to provide a forum for FIUs to improve collaboration in the fight against money laundering and the financing of […]
Economic Sanctions
The application of trade or financial restrictions and sanctions by one or more countries against another country, institution, or individual to change behaviour. Economic sanctions can include actions such as tariffs, trade restrictions, and financial limitations.