Trust or company service provider (TCSP)
In many jurisdictions, TCSPs are regulated to prevent money laundering and other financial crimes by organisations or persons who provide services connected to forming, managing, or administrating legal entities such as trusts and corporations. TCSPs play a key role in the financial services industry by assisting clients in managing assets and structuring their businesses in […]
Transaction Monitoring
Financial institutions and regulated licenced companies monitor transactions made by customers, in real-time or daily, using tools or processes as part of their transaction monitoring program that not only looks at current transactions but also analyzes a customer’s historical information and account profile to spot atypical behaviour, assess risk level, or predict future activity.
Trade-based money laundering
There are three main methods by which criminal organisations and terrorist financiers move money to disguise its origins and integrate it into the formal economy. The first is through the use of the financial system; the second involves the physical movement of money (e.g. through the use of cash couriers); and the third is through […]
Tipping-off
Any natural person or legal person who discloses information or any other matter to any other natural person or legal person is likely to prejudice an investigation.
Third Line of Defense
The third line’s key responsibility is to assess whether the first- and second-line functions are operating effectively; it is the duty of reporting to the board and audit committee, in addition to assuring regulators and external auditors that the control culture across the organisation is influential in its design and operation.
Third-Party
An individual or entity with some level of involvement in a negotiation or transaction but not the principal party.
Terrorist Financing
Terrorism financing is the act of providing financial support to terrorists or terrorist organisations to enable them to carry out terrorist acts or to benefit any terrorist or terrorist organisation. While funds may come from criminal activities, they may also be derived from legitimate sources, such as salaries, revenue from legitimate businesses, or donations, including […]
Tax Haven
Tax havens are countries or jurisdictions that provide favourable tax policies and incentives to attract foreign investors and depositors seeking to minimise their tax obligations or achieve tax avoidance.
Tax avoidance
Involves the misuse of tax reliefs and allowances or the re-characterisation of a transaction undertaken primarily to claim a tax advantage and not for genuine business reasons and often involves contrived, artificial transactions that serve little or no purpose other than to gain a tax advantage.
Tax evasion
An illegal activity in which a person or entity deliberately avoids paying a true tax liability entails dishonest tax reporting, such as declaring less income, profits, or gains than the amounts earned or overstating deductions. Tax evasion is a crime in almost all countries and subjects the guilty party to fines, imprisonment, or both.