Anti Money Laundering Abbreviations

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Across
  1. 2. IOLTA: Attorneys/law firms will use this account to keep client funds separate until the funds are either needed for case work or dispersed to the client.
  2. 3. BO: The individuals that own or control a business.
  3. 6. KYC:The process of identifying and verifying customer’s identity and building the customer’s risk profile upon onboarding and on a continuing basis.
  4. 12. FinCEN: Organization that collects, analyzes and disseminates BSA information.
  5. 14. CDD: The process of verifying a customer's occupation or business type, expected activity, source of funds, purpose of account, negative media and beneficial ownership.
  6. 15. BSA:U.S. law requiring financial institutions to assist in detecting and preventing money laundering.
Down
  1. 1. FATF: The international policy-making body that established the "Series of 40 Recommendations".
  2. 4. OFAC: Administers and enforces economic and trade sanctions based on US foreign policy and national security goals.
  3. 5. CTR:Reporting of cash transactions over $10,000
  4. 7. EDD: Workflow used to Mitigate Risk of High-Risk Customers.
  5. 8. CIP: Section 326 of the USA Patriot Act includes collecting the customer's name, date of birth, address, and identification number.
  6. 9. SAR: Reporting of suspicious activity.
  7. 10. AML:The set of laws, regulations, and procedures designed to detect, prevent, and report money laundering activities.
  8. 11. POS Transaction: This transactions can be completed using either a debit card, or in some cases, an ATM card.
  9. 13. DDA Account: Another name for a DDA account.