Keep Money Laundering and Fraud out - TONBELLER® AG
Keep Money Laundering and Fraud out - TONBELLER® AG
Keep Money Laundering and Fraud out - TONBELLER® AG
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5. Appendix<br />
5.1 Glossary<br />
2003 FATF<br />
Recommendation<br />
3 rd EU Directive<br />
4-eyes principle<br />
Alias<br />
AML<br />
Bank Secrecy Act<br />
Basel Committee on<br />
Banking Supervision<br />
Whitepaper | <strong>Keep</strong> <strong>Money</strong> <strong>Laundering</strong> <strong>and</strong> <strong>Fraud</strong> <strong>out</strong> -<br />
Know your Customer (KYC)<br />
In response to mounting concern over money laundering, the Financial Action<br />
Task Force on <strong>Money</strong> <strong>Laundering</strong> (FATF) has published the Forty<br />
Recommendations on money laundering <strong>and</strong> the 9 Special Recommendations<br />
on Terrorist Financing (40+9 Recommendations). Together, the 2003 FATF<br />
Recommendations set the international st<strong>and</strong>ard for anti-money laundering<br />
measures <strong>and</strong> combating the financing of terrorism.<br />
Directive 2005/60/EC of the European Parliament <strong>and</strong> of the Council of 26<br />
October 2005 on the prevention of the use of the financial system for the<br />
purpose of money laundering <strong>and</strong> terrorist financing:<br />
http://eur-<br />
lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2005:309:0015:01:EN:HTML<br />
Actions requiring approval by two persons, each being held accountable.<br />
A false name used to conceal one’s identity.<br />
Anti-<strong>Money</strong> <strong>Laundering</strong>: A set of procedures, laws or regulations to stop the<br />
practice of generating income through illegal actions. In most cases money<br />
laundering hide their actions through a series of steps that make it look like<br />
money coming from illegal or unethical sources was earned legitimately.<br />
The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency<br />
<strong>and</strong> Foreign Transactions Reporting Act) requires financial institutions in the<br />
United States to assist U.S. government agencies to detect <strong>and</strong> prevent money<br />
laundering.<br />
The Basel Committee on Banking Supervision is an institution created by the<br />
central bank Governors of the Group of Ten nations. The Basel Committee<br />
formulates broad supervisory st<strong>and</strong>ards <strong>and</strong> guidelines <strong>and</strong> recommends<br />
statements of best practice in banking supervision in the expectation that<br />
member authorities <strong>and</strong> other nations' authorities will take steps to implement<br />
them through their own national systems, whether in statutory form or<br />
otherwise.<br />
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