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Finance industry abbreviations and terms

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A list of the most common abbreviations used by the Guernsey finance industry.

AGCC: Alderney Gambling Control Commission, industry regulator

AML: Anti-money laundering

BLE: Bailiwick Law Enforcement

BO: Beneficial ownership 

CDs: Crown Dependencies, which means the Bailiwick of Guernsey, the Bailiwick of Jersey and the Isle of Man

CDD: Customer Due Diligence (see also ECDD and SCDD)

CFT: Countering the financing of terrorism

CIS: Collective Investment Scheme 

CPF: Countering proliferation financing

DNFPB: Designated non-financial businesses and professions, may include casinos (including internet and ship-based), estate agents, dealers in precious metals or stones, lawyers and legal professionals, and trust and company service providers (TCSPs).

DP: Designated person  any natural or legal person, group or entity which is: (a) designated by the Policy and Resources Committee under the Terrorist Asset-Freezing Law; (b) the subject of a designation under and within the meaning of the UK's Terrorist Asset Freezing etc. Act 2010; (c) included in the list provided for by Article 2(3) of Council Regulation (EC) No 2580/2001 of 27 December 2001 on specific restrictive measures directed against certain persons and entities with a view to combating terrorism (as amended from time to time); or (d) subject to a designation under and within the meaning of the Counter-Terrorism (International Sanctions) (EU Exit) Regulations 2019. 

ECDD: Enhanced Customer Due Diligence

EFCB: Economic and Financial Crime Bureau

FATF: Financial Action Task Force

FATF Recommendations: set out a comprehensive framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. The FATF Recommendations set an international standard, which countries should implement through measures adapted to their particular circumstances.

FI: Financial institution - can mean any natural or legal person who conducts a financial business on behalf of customers.

FIU: Financial Intelligence Unit

FSB: Financial Services Business - can mean any natural or legal person who conducts, by way of business, a financial services business for the purposes of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey), Law 1999 for or on behalf of customers. 

GFSC: Guernsey Financial Services Commission, industry regulator

GR: Guernsey Registry

ICC: Incorporated Cell Company

IFC: International Finance Centre

ILOR: International letter of request

IO: Immediate outcomes - key goals for an effective AML/CFT framework which are organised by thematic goal and used to evaluate the effectiveness of a country's efforts. 

LEA: Law enforcement agencies

LLP: Limited liability partnership

MLCO: Money Laundering Compliance Officer means a person of at least manager level appointed by a specified business to monitor compliance with policies, procedures and controls to forestall, prevent and detect money laundering and terrorist financing

MLRO: Money Laundering Reporting Officer means a person of at least manager level appointed by a specified business to make or receive disclosure under the Part I of the Disclosure Law and sections 12, 15, and 15A of the Terrorism Law

MMOU: Multilateral Memorandum of understanding

MONEYVAL: Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism 

MOU: Memorandum of understanding

MSP: Money service provider

MVTS: Money / value transfer service

NPO: Non-profit organisation

NRA: National Risk Assessment 

PB: Prescribed Business - a relevant business (see below) required by law to forestall and prevent money laundering and terrorist financing 

PCC: Protected cell company

PEP: Politically exposed person

PF: Proliferation financing

PSP: Payment Service Provider

PTC: Private Trust Company 

RBA: Risk-based approach

RELEVANT BUSINESS: includes high value dealing, estate agency, casinos and organised gambling, legal and accountancy services and directors of not more than six companies

RFA: Request for assistance

SAR: Suspicious activity report

SCDD: Simplified due diligence

SPECIFIED BUSINESS: any business that is a financial services business or, as described, a prescribed business; and a business to which Schedule 3 of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 applies

SRO: Self-regulatory organisation, for professionals such as lawyers, notaries and accountants

STR: Suspicious transaction report

TCSP: Trust and Company Service Provider

THEMIS: The FIU Online Reporting Facility for a Disclosure of Suspicion

TF: Terrorist Financing

UBO: Ultimate beneficial owner

VA: Virtual asset, a digital representation of value that can be traded or transferred and used for investment or payment purposes. It does not include digital records of ownership such as share registers or bank accounts in digital form

VASP: Virtual Asset Service Provider - an entity that, by way of business: i) transfers virtual assets; ii) exchanges virtual assets, either for other virtual assets or fiat currency; engages in the safekeeping or administration of virtual assets; and/or makes initial coin offerings or participates in and/or provides financial services in relation to the issue of virtual assets

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