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Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Concentration Account 
See Clearing Account. 
Concentration Risk 
Concentration risk primarily applies to the asset side of the balance sheet. As a common practice, 
supervisors not only require banks to have information systems to identify credit concentrations, but also set 
limits to restrict bank exposure 
to single borrowers or groups of related borrowers. Without knowing exactly who the customers are 
(through Know Your Customer policies) and their relationship with other customers, the bank is not able to 
measure its concentration risk, which 
is particularly relevant in the context of related counter-parties and connected lending. On the liability side, 
concentration risk is associated with funding risk, especially the risk of early and sudden withdrawal of 
funds by large depositors that could harm an institution‘s liquidity. 
Confidentiality 
Keeping certain facts, data and information out of public 
or unauthorized view. In the U.S., U.K. and many other jurisdictions, confidentiality is required when filing 
suspicious transaction or activity reports — the filing institution‘s employees cannot notify a customer that 
a report has been filed. In another context, a breach of confidentiality can occur when an institution 
discloses client information to enforcement agencies or a financial intelligence unit in violation of the 
jurisdiction‘s bank secrecy laws. 
Confiscation 
Includes forfeiture where applicable, and means the permanent deprivation of funds or other assets by order 
of a competent authority or a court. Confiscation or forfeiture takes place through a judicial or 
administrative procedure that transfers the ownership of specified funds or other assets to the state. Upon 
transfer, the person(s) or entity(ies) that held an interest in the specified funds or other assets at the time of 
the confiscation or forfeiture lose all rights, in principle, to the confiscated or forfeited assets. Confiscation 
or forfeiture orders are usually linked to a criminal conviction or a court decision whereby the confiscated 
or forfeited property is determined to have been derived from or intended for use in a violation of the law. 
Confiscation is a central strategic tool that is required in order to take effective action against money 
laundering and terrorist financing. It is crucial 
that criminal justice systems make provisions for efficient and effective methods of tracing, freezing and 
eventually confiscating proceeds of criminal activity. Mutual legal assistance treaties can provide for 
confiscation of assets in one jurisdiction based upon prosecutions elsewhere. 
Constructive (Involuntary) Trust Liability 
The imposition of trustee obligations upon a financial institution deemed to ―know‖ that property in its 
possession belongs to a person other than its client. A financial institution can face the risk of breach
 
 
 
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
of trust if it handles or transfers the funds in a manner detrimental to the interests of the rightful owner. 
Anti-money laundering specialists should be especially vigilant when there is suspicion that funds may have 
been derived from a victim of crime, resulting in the victim‘s loss of funds or property. 
Core Principles 
Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision, 
the Objectives and Principles for Securities Regulation issued by the International Organization of 
Securities Commissions, and the Insurance Supervisory Principles issued by the International Association 
of Insurance Supervisors. 
Corporate Vehicles 
Defined in FATF‘s Consultation Paper as: 
1.
 
Corporations:   
(a) Private limited companies and public limited companies whose shares are not traded on a stock 
exchange.   
(b)International business companies/exempt companies.   
2.
 
Trusts.   
3.
 
Foundations.   
4.
 
Limited partnerships and limited liability partnerships.   
Occasionally it is difficult to identify the persons who are the ultimate beneficial owners and controllers of 
corporate vehicles, which makes the vehicles vulnerable to money laundering. FATF gives such vehicles 
special focus in the revised 40 Recommendations on Money Laundering of 2003, under the section 
pertaining to CDD for legal persons and arrangements (Recommendation 5). 
Correspondent Banking 
The provision of banking services by one bank (the ―correspondent bank‖) to another bank (the ―respondent 
bank‖). Large international banks typically act as correspondents for thousands of other banks around the 
world. Respondent banks may be provided with a wide range of services, including cash management (e.g., 
interest-bearing accounts in a variety of currencies), international wire transfers of funds, check clearing 
services, payable-through accounts and foreign exchange services. 
Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds 
from Crime 
The Convention was adopted by the Committee of Ministers of the Council of Europe in September 1990, 
which addressed all types of criminal offenses and thereby has greater impact than the Vienna Convention. 
The offense of money laundering was extended to include money laundering associated with 
all serious offenses, not just drug trafficking. In May 2005, a revised convention was adopted. 
 
 




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