Azərbaycan Respublikası Mərkəzi Bankı Banklara Nəzarət Departamenti



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Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Branch 
A place of business that forms a legally dependent part of a financial institution and carries out directly all 
or some of the transactions inherent in the business of that financial institution. 
Bureau de Change 
Also called ―casa de cambio‖ or ―exchange office,‖ a bureau de change offers a range of services that are 
attractive to money launderers: currency exchange and consolidation of small denomination bank notes into 
larger ones; exchange of financial instruments such as travelers checks, money orders and personal checks; 
and telegraphic transfer facilities. In some countries, such businesses are not as heavily scrutinized for 
money laundering as are traditional financial institutions. Also, their customers are often occasional, 
making it more difficult for these businesses to ―know their customers.‖ 
Bust-Out 
A scheme in which the use or extension of credit is obtained and is increased fraudulently while the 
perpetrators avoid having to pay back the illegally obtained credit or goods. Typically, a bust-out ring will 
operate a shell or front business that accepts credit purchases on stolen or fraudulently obtained credit cards. 
The criminals run the cards or numbers through credit card terminals, but either do not provide any goods 
or services or provide stolen or non-licensed goods. The innocent credit card company credits the account 
of the front business. Before the transactions can be reversed, the criminals have moved the funds from the 
accounts of the front business. 
The cardholders who knowingly participate in these bust-out schemes generally refuse to pay the credit card 
companies for their ―purchases.‖ These people have either obtained cards with fraudulent or stolen 
identification or otherwise cannot be found. Bust-out schemes have been very popular in creating large 
bankruptcy frauds in which business entities secure loans in excess of the actual value of the company or 
property and then disappear with the money, leaving the lender to take a substantial loss. 
C
 
Cardholder 
Person to whom a financial transaction card is issued, or an additional person authorized to use the card. 
Caribbean Financial Action Task Force (CFATF) 
A FATF-style regional body comprising Caribbean states, including Aruba, the Bahamas, the British Virgin 
Islands, the Cayman Islands and Jamaica. 
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Casa de Cambio 
See Bureau de Change. 
Cash-Based Business 
Any business in which customers usually pay with cash for the products or services provided, such as 
restaurants, pizza delivery services, taxi financial institutions, coin-operated machines or car washes. Some 
money launderers run or use cash-based businesses to commingle illegally obtained funds with cash 
actually generated by the business. 
Cash Collateralized Loans 
A cash collateralized loan has cash deposits as the loan‘s collateral. The cash deposits can sometimes reside 
in another jurisdiction. 
Cash Deposits 
Sums of money placed in a financial institution‘s accounts. Vulnerable to money laundering in the 
―placement phase,‖ as criminals move their cash into the non-cash economy by making deposits into 
accounts at financial institutions. 
Cashier’s Check 
Common monetary instrument often purchased with cash. Used for laundering purposes, cashier‘s checks 
provide an instrument drawn on a reputable institution, such as a bank or credit union. 
CDD 
See Customer Due Diligence. 
CDPC (French: Comité Européen pour les Problèmes Criminels) 
European Committee on Crime Problems of the Council of Europe. A subcommittee of the CDPC is 
MONEYVAL, formerly PC-R-EV, the select committee of experts on the evaluation of anti-money 
laundering measures in European countries that are not members of FATF. 
Certification 
A formal assertion in writing which, under the USA Patriot 
Act, is used by U.S. regulators in different contexts, including a written statement by a respondent bank 
signed by its duly authorized representative certifying that the bank does not do business with shell banks 
(under Section 313 of the USA Patriot Act). It can also be a written representation provided by a U.S. 
federal agent stating that the matter for which he or she is seeking information from financial institutions 
under Sec. 314(a) of the USA Patriot Act regulations is linked to money laundering or terrorist financing. 
 
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Chain Referral Scheme 
See Pyramid Scheme. 
Chiti Banking 
See Alternative Remittance System. 
Chop Shop Banking 
See Alternative Remittance System. 
CICAD (Spanish: Comisión Interamericana para el Control del Abuso de Drogas) 
See Organization of American States—Inter-American Drug Abuse Control Commission. 
Clearing Account 
Also called an ―omnibus‖ or ―concentration account.‖ Held by a financial institution in its name, a clearing 
account is used primarily for internal administrative or bank-to-bank transactions in which funds are 
transmitted and commingled without personally identifying the originators. The USA Patriot Act prohibits 
the use of such accounts for customer transactions. 
Collection Accounts 
Immigrants from foreign countries deposit many small amounts of currency into one account where they 
reside, and the collected sum is transferred to an account in their home country without documentation of 
the sources of the funds. Certain ethnic groups from Asia or Africa may use collection accounts to launder 
money. 
Collective Knowledge 
The sum of the knowledge held separately by a financial institution‘s directors, officers and employees 
regarding a certain issue, customer or account. The notion of collective knowledge can be used to suggest 
corporate responsibility for compliance and liability for non-compliance. 
For example, the financial 
institution‘s knowledge is the totality of what all of the employees know within the scope of their 
employment. So, if Employee A knows one facet of a customer‘s information, B knows another facet of it, 
and C a third facet of it, the institution knows all the facets of the customer‘s information.
 
Commission Rogatoire 
Also known as letters rogatory, commission rogatoires are written requests for legal or judicial assistance 
sent by the central authority of one country to the central authority of another when seeking evidence from 
the foreign jurisdiction. The letter typically specifies the nature of the request, the relevant criminal charges 
in the requesting country, the legal provision under which the request is made, and the information sought. 
 




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