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The A-Z Of Money Laundering
419 Fraud
The infamous letters from Nigeria and neighbouring states offering you untold riches, named after the section in the Nigerian penal code which deals with fraud.
AML
Anti-money laundering: abbreviation now widely used when referring to relevant legislation and regulation and their enforcement.
Anonymous Account
The only ‘official’ anonymous account available was the Sparbuch; Switzerland , for example, does not offer anonymous accounts. True anonymous accounts are where the financial institution has no idea whatsoever who holds the account and has no records concerning the client’s identity. It can be effectively argued (and the accounts certainly are promoted as such) that an IBC that opens a bank account is in effect creating an anonymous account. Numerous ‘anonymous’ accounts and facilities are still offered via the Internet.
BCBS
Basel Committee on Banking Supervision.
Bearer Shares
In very simple terms the documents that show ownership of the company: if you have them you own the company but such ownership is not recorded in any official records. A substantial facilitator of anonymity and confidentiality in company ownership.
Beneficial Owner
The person(s) who ultimately owns an asset – in KYC terms this is the key individual(s) about whom checks need to be carried out. On occasions, particularly with offshore entities, the identity of the beneficial owner may not be disclosed in the public domain. Sufficient KYC checks will not be deemed to have been carried out if the identity of the beneficial owner(s) is not established and then subjected to verification.
BMPE
Black Market Peso Exchange (See 'Peso Exchange' below).
CDD
Customer due diligence.
CFT
Combating the financing of terrorism.
Coca
The shortened version of the South American shrub Erythroxylon coca: the dried leaves of which are the source of cocaine.
Cocaine
Extracted from the leaves of the coca tree and the drug of choice in the United States where there are over 2 million addicts. It has limited use as a medical application mostly as a local anaesthetic. However, it is highly toxic and addictive. Crack is a derivative of cocaine.
Correspondent Bank
A perfectly legitimate banking arrangement where a bank accepts deposits and performs banking services for another bank. However, there is a specific money laundering risk where the bank using the services is a 'shell bank' (see below).
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