Keep Money Laundering and Fraud out - TONBELLER® AG

Whitepaper | Keep Money Laundering and Fraud out -
Know your Customer (KYC)
Fuzzy Search A computer search that returns not only exact matches to the search request,
but also close matches that include text sequences that have been altered but
also abbreviations, substitutions, modified writing patterns, deletions, acronyms
or foreign translations.
HMT HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the
United Kingdom government department responsible for developing and
executing the British government's public finance policy and economic policy.
Identify Documents An identity document (also called a piece of identification or ID) is any
document which may be used to verify aspects of a person's personal identity.
KYC KYC is typically a policy implemented to conform to a customer identification
program mandated under the Bank Secrecy Act, USA PATRIOT Act and 3 rd EU
Directive. Know your customer policies are becoming increasingly important
globally to prevent identity theft fraud, money laundering and terrorist financing.
Legal Person Bodies corporate, foundations, partnerships, or associations, or any similar
bodies that can establish a permanent customer relationship with a financial
institution or otherwise own property.
Natural Person In jurisprudence, a natural person is a human being, as opposed to an artificial,
legal or juristic person, i.e., an organization that the law treats for some
purposes as if it were a person distinct from its members or owner.
OFAC The Office of Foreign Assets Control (OFAC) is an agency of the United States
Department of the Treasury under the auspices of the Under Secretary of the
Treasury for Terrorism and Financial Intelligence. OFAC administers and
enforces economic and trade sanctions based on U.S. foreign policy and
national security goals against targeted foreign states, organizations, and
individuals.
PEP Politically Exposed Persons: Individuals who are or have been entrusted with
prominent public functions in a foreign country, for example Heads of State or
of government, senior politicians, senior government, judicial or military
officials, senior executives of state owned corporations, important political party
officials. Business relationships with family members or close associates of
PEPs involve reputational risks similar to those with PEPs themselves. The
definition is not intended to cover middle ranking or more junior individuals in
the foregoing categories.
Risk Assessment Risk assessment is a step in a risk management procedure. Risk assessment
is the determination of quantitative or qualitative value of risk related to a
concrete situation and a recognized threat.
5-39