Azərbaycan Respublikası Mərkəzi Bankı Banklara Nəzarət Departamenti

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Supervision Department - AML/CFT Training 
Definitions GlosSTRy
Bank Secrecy Act (AML) 
The primary U.S. anti-money laundering regulatory statute (Title 31, U.S. Code Sections 5311-5355) 
enacted in 1970 and most notably amended by the USA Patriot Act in 2001. Among other measures, it 
imposes money laundering controls on financial institutions and many other businesses, including the 
requirement to report and to keep records of various financial transactions. 
Bank Secrecy Act (AML) Compliance Program 
A program that U.S.-based financial institutions—as defined by the Bank Secrecy Act—are required to 
establish and implement in order to control money laundering and related financial crimes. The program‘s 
components include at a minimum: the development of internal policies, procedures and controls; the 
designation of a compliance officer; ongoing employee training; and an independent audit function to test 
the program. 
Bare Trust 
Also known as a dry, formal, naked, passive, or simple trust, in which the trustees have no duties other than 
to convey the trust property to beneficiaries when called upon to do so. Bare trusts are vulnerable to money 
laundering because the final beneficiary is unknown. 
Basel CDD Paper 
A guidance paper on Customer Due Diligence (CDD) for banks issued by the Basel Committee on Banking 
Supervision (BCBS) in October 2001. The paper includes sound Know Your Customer policies and 
procedures that, according 
to the Committee, are critical to protecting the safety and soundness of banks and the integrity of banking 
systems. In February 2003, the Basel Committee on Banking Supervision issued ―General Guide to 
Account Opening and Customer Identification.‖ 
Basel Committee on Banking Supervision (Basel Committee) 
The Basel Committee was established by the G-10‘s central bank of governors in 1974 to promote sound 
supervisory standards worldwide. Its secretariat is appointed by the Bank for International Settlements in 
Basel, Switzerland. It has issued, among others, papers on customer due diligence for banks, consolidated 
KYC risk management, transparency in payment messages, due diligence and transparency regarding cover 
payment messages related to cross-border wire transfers, and sharing of financial records among 
jurisdictions in connection with the fight against terrorist financing. 
Batch Processing 
A type of data processing and data communications transmission in which related transactions are grouped 
together and transmitted for processing, usually by the same computer and under the same application. 

Supervision Department - AML/CFT Training 
Definitions GlosSTRy
Batch Transfer 
Transfer comprising a number of individual wire transfers that are sent to the same financial institution, and 
which may be ultimately intended for different persons. 
Bearer Form 
In relation to a certificate, share transfer or other document, a bearer form enables a designated investment 
or deposit to be sold, transferred, surrendered or addressed to a bearer without the need to obtain further 
written instructions. 
Bearer Negotiable Instruments 
Include monetary instruments in bearer form such as: negotiable instruments (including checks, promissory 
notes and money orders) that are either in bearer form, are endorsed without restriction, are made out to a 
fictitious payee, or are otherwise in such form that title thereto passes upon delivery. 
Bearer Share 
Negotiable instruments that accord ownership in a corporation to the person who is in physical possession 
of the bearer share certificate. 
Bearer Share Certificate 
A negotiable corporate share certificate made out to ―Bearer‖ and not in the name of an individual or 
Benami Account 
Also called a nominee account. Held by one person or entity on behalf of another or others, Benami 
accounts are associated with the hawala underground banking system of the Indian subcontinent. A person 
in one jurisdiction seeking to move funds through a hawaladar to another jurisdiction may use a Benami 
account or Benami transaction to disguise his/her true identity or the identity of the recipient of the funds. 
Beneficial Owner 
The natural person who ultimately owns or controls an account through which a transaction is being 
conducted. It also incorporates those persons who exercise ultimate effective control over a legal person or 
All trusts (other than charitable or statutory-permitted non- charitable trusts) must have beneficiaries, which 
may include the settlor. Trusts must also include a maximum time frame, known as the ―perpetuity period,‖ 
which normally extends up to 100 years. While trusts must always have some ultimately ascertainable 
beneficiary, they may have no defined existing beneficiaries. Trusts may only have objects of a power until   

Supervision Department - AML/CFT Training 
Definitions GlosSTRy
The latter period is normally co- extensive with the trust perpetuity period, which is usually referred to in 
the trust deed as the ―trust period.‖ 
The science of identifying features that distinguish one person from another. Fingerprinting, voice 
recognition and iris (eye) scans are three forms of biometrics technology that may someday render pen-to-
paper signatures outdated. Certain institutions use biometrics to verify the identity of their customers. With 
the advent of customer identification regulations, biometric tools may become more common in financial 
Black Market Peso Exchange (BMPE) 
The Colombian Black Market Peso Exchange (BMPE) is 
an example of a complex method of trade-based money laundering. The BMPE originally was driven by 
Colombia‘s restrictive policies on currency exchange. To circumvent those policies, Colombian businesses 
bypassed the government levies by dealing with peso brokers that dealt in the black market or parallel 
financial market. Colombian drug traffickers took advantage of this method to receive Colombian pesos in 
Colombia in exchange for U.S. drug dollars located in the United States. According to the U.S. State 
Department‘s 2007 INCSR, similar black market exchange systems are found in Venezuela and in the tri-
border region of Argentina, Brazil, and Paraguay. Trade goods in Dubai, as well as Chinese and European 
manufactured trade items, are being purchased through narcotics-driven systems similar to the BMPE. The 
Black Market Peso Exchange system operates through brokers who purchase narcotics proceeds in the 
United States from the cartels and transfer pesos to the cartels from within Colombia. 
The dollars are placed, that is, ―laundered‖, into the United States financial system by the peso broker 
without attracting attention. The dollars are then ―sold‖ by the brokers to businessmen in Colombia (or 
other country) who need dollars to buy United States goods for export. 
Goods ready for export are often actually paid for by the peso broker, using the purchased narcotics dollars, 
on behalf of the Colombian (or other country‘s) importer. 
Blank Check Company 
A type of company designed to be used by private corporations intending to issue publicly traded shares 
through ―reverse mergers‖ without the high expenses involved in making their own initial public offering. 
Blank check companies often have few assets, engage in little business activity, and have no business plan 
or experienced management. 
A bookmaker accepts bets from individuals on a variety of matters, mostly sporting events. Bookmakers are 
vulnerable to money laundering, since launderers may offer their customers money for winning betting 
slips, often 7 to 10 percent above the value of the winnings. The launderer then collects clean money from 
the bookmaker. 

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