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Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Designated Non-Financial Businesses and Professions 
According to FATF, the following businesses should comply with its 40 Recommendations of 2003: 
- Casinos (including Internet casinos).   
- Real estate agents. 
- Dealers in precious metals. 
- Dealers in precious stones. 
- Lawyers, notaries, other independent legal professionals and accountants. Refers to sole practitioners, 
partners and employed professionals within professional financial institutions. It 
is not meant to refer to ―internal‖ professionals who are employees of other types of businesses, or to 
professionals working for government agencies who may already be subject to measures that would combat 
money laundering. 
- Trust and company service providers. Refers to all persons or businesses that are not covered elsewhere 
under the Recommendations, and which provide any of the following services to third parties: 
- Acting as a formation agent of legal persons. 
- Acting as (or arranging for another person to act as) a director or secretary of a company, a partner of a 
partnership, or a similar position in relation to other legal persons. 
- Providing a registered office, business address or accommodation, correspondence or administrative 
address for a company, a partnership or any other legal person or arrangement. 
- Acting as (or arranging for another person to act as) a trustee of an express trust. 
-
 
Acting as (or arranging for another person to act as) a nominee shareholder for another person. 
 
Disclosure Order 
A document that requires a person who has information relevant to an investigation to answer questions at 
an interview, to provide information, or to produce documentation. The order can be exercised not only 
against a person whose assets are under investigation, but also against a third party, such as a financial 
institution. 
Domestic Transfer 
Wire transfer in which the originator and beneficiary institutions are located in the same jurisdiction. A 
domestic transfer therefore refers to any chain of wire transfers that takes place entirely within the borders 
of a single jurisdiction, even though the system used to send the wire transfer may be located in another 
jurisdiction. 
Downstream Correspondent Clearer 
A correspondent banking client who receives correspondent banking services from one institution and 
provides correspondent banking services to other financial institutions in the same currency as the account 
it maintains with the institution. 
Dry Trust 
See Bare Trust. 
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
E
 
Eastern and Southern African Anti-Money Laundering Group (ESAAMLG) 
A FATF-style regional body comprising fourteen countries from the Eastern region of Africa down to the 
Southern tip of Africa. It was established in 1999. 
Egmont Group of Financial Intelligence Units 
In 1995, a number of national financial intelligence units (FIUs) began working together in an informal 
organization known as the Egmont Group, named for the site of its first meeting in the Egmont-Arenberg 
Palace in Brussels. The goal of the group is to provide a forum for FIUs to improve support to their national 
anti-money laundering programs and to develop protocols for information sharing. The FIUs‘ support 
includes expanding and systematizing the exchange of financial intelligence, improving expertise and 
capabilities of the personnel of such organizations, and fostering improved communications among FIUs 
through application of new technologies and sharing of information for financial crimes investigations. 
Electronic Banking 
A form of banking in which funds are transferred through an exchange of electronic signals among financial 
institutions rather than through an exchange of cash, checks or other negotiable instruments. 
Electronic Cash (E-Cash) 
A payment mechanism designed for the Internet, electronic cash represents a series of monetary value units 
electronically stored on the hard drive of a computer or microchip of a 
plastic card. It is anonymous like cash, and has immediate value. E-cash is attractive to money launderers 
because of its anonymity and the ease it provides in ―transporting‖ large sums quickly and easily via the 
Internet. It is also called ―e-money.‖ 
Electronic Funds Transfer (EFT) 
The movement of funds between financial institutions electronically. The two most common electronic 
funds transfer systems in the U.S. are FedWire and CHIPS. (SWIFT is often referred to as the third EFT 
system, but in reality it is an international messaging system that carries instructions for wire transfers 
between institutions, rather than the wire transfer system itself.) Other systems that facilitate funds 
movement, but are not technically EFT systems, include automated clearing houses (ACH), which are 
networks that conduct batch processing of messages for book transfers between institutions. 
 
 
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Electronic Money (E-Money) 
See Electronic Cash. 
Enhanced Due Diligence (EDD) 
Additional examination and cautionary measures aimed at identifying customers and confinancial 
institutioning that their activities and funds are legitimate. 
Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG) 
A FATF-style regional body formed in October 2004 in Moscow. Member countries include Belarus
China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Turkmenistan and Uzbekistan.   
European Union (EU) 
The European Union is a family of democratic European countries. Its member states have set up common 
institutions to which they delegate part of their sovereignty so that decisions on specific matters of 
collective interest can be made democratically at the European level. 
European Union Directive on Prevention of the Use of the Financial System for the Purpose of Money 
Laundering and Terrorist Financing 
First adopted by the European Union in June 1991, the directive requires EU member states to achieve 
certain results by amending national laws, if necesSTRy, to prevent their domestic financial systems from 
being exploited for money laundering. The directive was confined to drug trafficking as defined in the 
Vienna Convention. The scope of the directive was also confined to credit and financial institutions as the 
most vulnerable to abuse by money launderers, but member states were encouraged to cover other sectors 
too that might become involved in laundering. The directive was revised in December 2001 by extending 
the money laundering offenses beyond credit and financial institutions to corporate service providers
casinos, lawyers and accountants. A third directive in September 2005 replaced the previous two. In line 
with the FATF money laundering recommendations, the Third EU Directive extended the scope of the 
earlier directives by: 
- Defining ―money laundering‖ and ―terrorist financing‖ as separate crimes. 
- Extending customer identification and suspicious transaction reporting obligations to trusts and company 
service providers, life insurance intermediaries and dealers selling goods for cash payments above a certain 
amount. 
-
 
Detailing a risk-based approach to customer due diligence.   
-
 
Protecting employees who report suspicions of money laundering or terrorist financing. 
- Obligating member states to keep comprehensive statistics regarding the use of and results obtained from 
suspicious transaction reports. 
- Requiring all financial institutions to identify and verify the ―beneficial owner‖ of all accounts held by 
legal entities or persons. 
 




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