Keep Money Laundering and Fraud out - TONBELLER® AG

Whitepaper | Keep Money Laundering and Fraud out -
Know your Customer (KYC)
Sanction list Lists from authoritative sources such as the Office of Foreign Assets Control
(OFAC); Bank of England; European Union (EU); and Office of the
Superintendent of Financial Institutions (OSFI) clearly identify high-risk
individuals and businesses. These include known terrorists, fraudsters, money
launderers, and politically exposed persons (PEPs) as well as blacklisted
persons, companies or countries.
Sarbanes Oxley Act The Sarbanes-Oxley Act was signed into law on 30th July 2002, and introduced
highly significant legislative changes to financial practice and corporate
governance regulation. It introduced stringent new rules with the stated
objective: "to protect investors by improving the accuracy and reliability of
corporate disclosures made pursuant to the securities laws".
Shell Companies A company incorporated in a jurisdiction in which it has no physical presence
and which is unaffiliated with a regulated financial group.
USA Patriot Act The USA Patriot Act (“Patriot Act”) is an Act of the U.S. Congress and signed
into law by President W. Bush on October 26, 2001. The title of the Act is a
contrived acronym, which stands for “Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001”: http://frwebgate.access.gpo.gov/cgi-
bin/getdoc.cgi?dbname=107_cong_public_laws&docid=f:publ056.107.pdf
WL Watch lists (WL) are non-commercial lists of suspected terrorists
and criminals.
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