Risk-Based Approach â Guidance for Money Service Businesses

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Risk-Based Approach – Guidance for Money Service Businesses - July 2009Transparency International – the global civil society organisation leading the fight againstcorruption, brings people together in a powerful worldwide coalition to end the devastatingimpact of corruption on men, women and children around the world. TI‟s mission is to createchange towards a world free of corruption.www.transparency.org/48 - © 2009 FATF/OECD
Risk-Based Approach – Guidance for Money Service Businesses - July 2009 ANNEX 2GLOSSARY OF TERMINOLOGYAgentFor the purposes of Special Recommendation VI, an agent is any person who provides money or valuetransfer service under the direction of or by contract with a legally registered or licensed remitter (forexample, licencees, franchisees, concessionaires). (This definition is drawn from the Interpretative Note toSR. VI. It is used in the criteria under SR VI).Batch transferA batch transfer is a transfer comprised of a number of individual wire transfers that are being sent to thesame financial institutions, but may/may not be ultimately intended for different persons.Beneficial OwnerThe natural person(s) who ultimately owns or controls a customer and/or the person on whose behalf atransaction is being conducted. It also incorporates those persons who exercise ultimate effective controlover a legal person or arrangement.Competent authoritiesCompetent authorities refers to all administrative and law enforcement authorities concerned withcombating money laundering and terrorist financing, including the FIU and supervisors.Core PrinciplesThe Core Principles for Effective Banking Supervision issued by the Basel Committee on BankingSupervision, the Objectives and Principles for Securities Regulation issued by the InternationalOrganisation of Securities Commissions, and the Insurance Core Principles issued by the InternationalAssociation of Insurance Supervisors.Cross-border transferCross-border transfers means any wire transfer where the originator and beneficiairy institutions arelocated in different jurisdictions. This term also refers to any chain of wire transfers that has at least onecross-border element.CurrencyCurrency refers to banknotes and coins that are in circulation as a medium of exchange.© 2009 FATF/OECD - 49
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Risk-Based Approach â Guidance for Money Service Businesses