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Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Counter-Terrorism Committee (CTC) 
A United Nations Committee established in 2001 pursuant to Security Council Resolution 1373 (2001). 
Concerning counter- terrorism, the CTC consists of all 15 Security Council members. The committee 
monitors the implementation of UN Security Council Resolution 1373, and aims to increase the capacity of 
member states to fight terrorism financing. 
Credit Cards 
A plastic card with a credit limit used to purchase goods and services and to obtain cash advances on credit. 
The cardholder is subsequently billed by the issuer for repayment of the credit extended. Credit cards may 
be used to launder money when payments of the amounts owed on the card are made with criminal money. 
Credit Finance 
The use of credit to buy expensive items, and the subsequent payment of the borrowed credit with criminal 
funds. The criminal borrows funds to purchase a high value asset, such as a yacht, pays off the loan 
promptly with cash from illegal proceeds, sells the boat and starts all over again. By paying the credit loans 
off with illicit money, money launderers can use credit to finance criminal activity. 
Criminal Proceeds 
Any property derived from or obtained, directly or indirectly, through the commission of a crime. 
Cross Border 
Used in the context of activities that involve at least two countries, such as wiring money from one country 
to another or taking currency across a border. 
Cross-Border Transfer 
Any wire transfer in which the originator and beneficiary institutions are located in different jurisdictions. A 
cross-border transfer also refers to any chain of wire transfers that has at least one cross-border element. 
Cuckoo Smurfing 
A form of money laundering linked to alternative remittance systems in which criminal funds are 
transferred through the accounts of unwitting persons who are expecting genuine funds or payments from 
overseas. The term cuckoo smurfing first originated in investigations in the U.K., where it is a significant 
money laundering technique. 
Currency 
Banknotes and coins that are in circulation as a medium of exchange. 
Currency Smuggling 
The illicit movement of large quantities of cash across borders, often into countries with strict banking 
secrecy, poor exchange controls or poor anti-money laundering legislation. 
 
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Currency Transaction Report (CTR) 
A report that documents a currency transaction that exceeds a certain monetary threshold. A CTR can also 
be filed on multiple currency transactions that occur in one day that add up to or are greater than the 
required reporting amount. In some countries, including the U.S., currency transaction reports must be filed 
with government authorities under specific circumstances. 
Custodian 
A bank, financial institution or other entity that is responsible for managing or administering or safekeeping 
assets for other persons or institutions. Typically, custodians are not active, aggressive managers of the 
assets in question, but, instead, serve to passively conserve them. 
Custody 
The act or authority of safeguarding and administration of clients‘ investments or assets. 
Customer Due Diligence (CDD) 
In terms of money laundering controls, it means implementing adequate policies, practices and procedures 
that promote high ethical and professional standards for dealing with customers and are designed to prevent 
banks from being used, intentionally or unintentionally, by criminal elements. Customer due diligence 
includes not only establishing the identity of customers, but also monitoring account activity to identify 
those transactions that do not conform with the normal or expected transactions for that customer or type of 
account. 
Customer Identification Program (CIP) 
The policies and procedures of an institution that aim to identify and verify the identity of its customers. In 
general, the program must be in writing, have senior board approval and include procedures for customer 
notification. 
Customer Information Order 
Requires all financial institutions—or a targeted sample of banks and other financial institutions—to 
provide the details of any accounts held by the person under investigation, thus enabling an investigator to 
find out where the suspect‘s accounts are held. 
D
 
 
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Debit Card 
A card issued by a financial institution that permits an account- holder to draw funds from a pre-existing 
account in his or her name for the purpose of paying obligations or for making purchases in other locations 
or businesses. Debit cards have been found to be convenient tools to launder criminal proceeds, especially if 
they are issued by financial institutions in secrecy havens because they leave few, if any, traces of the 
debited sources of funds. 
Debit Transaction 
A transaction that involves the use of a bankcard to purchase goods and services or to obtain cash. The 
transaction automatically debits the cardholder‘s deposit account. 
Designated Categories of Offense 
In its 40 Recommendations of 2003, FATF issued for the first time a list of ―designated categories of 
offense‖ that enumerates crimes that may lead to money laundering prosecutions. Each country may decide 
how it will define those offenses and their elements. Many nations do not specify which crimes can serve as 
predicates for laundering prosecutions and merely state that all serious felonies may be predicates. Others, 
such as the U.S., specify long lists of crimes that must be present in order for a money laundering 
prosecution to proceed. Under the FATF definition, the designated categories are: 
- Participation in an organized criminal group and racketeering; 
- Terrorism, including terrorist financing; 
- Trafficking in human beings and migrant smuggling; 
- Sexual exploitation, including sexual exploitation of children; 
- Illicit trafficking in narcotic drugs and psychotropic substances; 
- Illicit arms trafficking; 
- Illicit trafficking in stolen and other goods
- Corruption and bribery; 
- Fraud; 
- Counterfeiting currency; 
- Counterfeiting and piracy of products; 
- Environmental crime; 
- Murder, grievous bodily injury; 
- Kidnapping, illegal restraint, and hostage-taking;   
- Robbery or theft; 
- Smuggling; 
- Extortion; 
- Forgery; 
- Piracy; and 
- Insider trading and market manipulation. 
 
 




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