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Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Internal Controls 
Policies and procedures in place within an institution that are designed to detect suspicious activity and 
criminal activity of a financial nature, including money laundering. Internal controls are one of the essential 
components of an effective anti-money laundering compliance program. 
International Association of Insurance Supervisors (IAIS) 
The IAIS issues global insurance principles, standards and guidance papers on issues, including money 
laundering. Established in 1994, IAIS represents insurance supervisory authorities in about 180 
jurisdictions.   
International Bank for Reconstruction and Development (IBRD) and the International Development 
Association (IDA) 
See World Bank. 
International Business Company (IBC) 
A variety of offshore corporate structures, alternately called ―exempt companies,‖ which are dedicated to 
business use outside the incorporating jurisdiction, rapid formation, secrecy, broad powers, low cost, low to 
zero taxation, and minimal filing and reporting requirements. 
International Finance Corporation (IFC) 
Established in 1956, IFC is the largest multilateral source of 
loan and equity financing for private sector projects in the developing world. It is a member of the World 
Bank Group and is headquartered in Washington, D.C. The IFC promotes sustainable private sector 
investment in developing countries as a way to reduce poverty. Its contribution to anti-money laundering 
efforts includes helping countries address structural and institutional weaknesses that may contribute to the 
lack of market integrity and potential for financial abuse.   
International Financial Institutions (IFIs) 
IFIs are financial institutions that have been established or chartered by more than one country. The best 
known IFIs are the International Monetary Fund and the World Bank. IFIs have an important role in 
protecting the integrity of the international financial system from abuse. Strengthening a country‘s capacity 
to combat money laundering is an integral part of their agenda. 
International Monetary Fund (IMF) 
An organization of more than 180 member countries, the 
IMF was established to promote monetary cooperation, to foster economic growth and high levels of 
employment, and to provide countries with temporary financial assistance. The organization‘s objectives 
have remained unchanged since it was established. Its operations, which involve surveillance, financial 
assistance and technical support, have adjusted to meet the changing needs of member countries. Since 
1999, the IMF has taken a more active role in the global anti-money laundering effort, primarily through   
 
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
helping assess the progress of member countries in meeting laundering control standards, such as those 
issued by FATF. 
International Money Laundering Abatement and Anti-Terrorist Financing Act 
The Act represents Title III of the USA Patriot Act of 2001, which contains most, but not all, of the 
provisions of that landmark law that deal directly with anti-money laundering matters. 
International Narcotics Control Strategy Report (INCSR) 
Issued annually by the U.S. Department of State, the report includes a lengthy section on the status of 
money laundering efforts in most nations. 
International Police Organization (Interpol) 
Based in Lyon, France, Interpol provides services to national law enforcement agencies in international 
criminal and money laundering matters, through such means as issuance of alerts or ―flags‖ that seek the 
assistance of member countries in locating fugitives or identifying financial activity connected 
to international crimes. Each member nation of Interpol designates a National Central Bureau (NCB) 
through which requests for assistance are processed. 
Internet Banking 
A banking business model that uses the Internet to execute its business plan, and whose marketing efforts, 
execution 
of transactions and customer service functions are heavily reliant on advanced electronic technology. The 
main money laundering concern that arises in Internet banking is the difficulty of identifying the ―faceless‖ 
customer that establishes a relationship with a financial institution, and in applying Customer Due 
Diligence procedures. 
Investment Banking 
Self-standing department or unit within a financial institution that provides strategic capitalizations, 
amassing huge amounts from diverse sources for corporate deal making, and other alternatives to traditional 
banking instruments. 
IVTS 
Informal Value Transfer System. See Alternative Remittance System. 
K
 
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Kingston Declaration on Money Laundering 
In 1992, the U.S., U.K., France, Canada, and the Netherlands spearheaded a gathering of 17 Caribbean 
nations in Jamaica. At its conclusion, the nations issued the Kingston Declaration on Money Laundering, 
which expressed solidarity with the 1988 United Nations Convention on Illicit Trafficking in Narcotic 
Drugs. The declaration also agreed to implement the FATF 40 Recommendations and the 19 
Recommendations issued at the 1990 Aruba meeting that created the Caribbean Financial Action Task 
Force. 
Knowledge 
Mental state accompanying a prohibited act. Recommendation 2 of the FATF 40 Recommendations of 2003 
says that countries should ensure that the intent and knowledge required to prove the offense of money 
laundering is consistent with the standards set forth in the Vienna and Palermo Conventions, including the 
concept that such a mental state may be inferred from objective factual circumstances. The exact definition 
of knowledge that accompanies an anti-money laundering act varies by country. Knowledge can be deemed, 
under certain circumstances, to include willful blindness, i.e., ―the deliberate avoidance of knowledge of the 
facts,‖ as some courts have defined the term: for example, when a bank officer proceeds with a transaction 
while deliberately ignoring the potential illegal origin of the funds involved. 
Know Your Correspondent Bank (KYCB) 
A set of anti-money laundering control policies and procedures employed in determining the beneficial 
owners of a respondent bank and the type of activity that is ―normal and expected‖ for the bank. Know 
Your Correspondent Bank is a key tool in detecting suspicious activity and money laundering because 
correspondent accounts are often used as conduits to launder criminal proceeds internationally. The USA 
Patriot Act included statutory provisions that bear directly on the procedures U.S. financial institutions must 
follow in connection with foreign correspondent banks. 
Know Your Customer (KYC) 
Anti-money laundering policies and procedures used to determine the true identity of a customer and the 
type of activity that is ―normal and expected,‖ and to detect activity that is ―unusual‖ for a particular 
customer. Many experts believe that a sound KYC program is one of the best tools in an effective anti- 
money laundering program. 
Know Your Employee (KYE) 
Anti-money laundering policies and procedures for acquiring a better knowledge and understanding of the 
employees of an institution for the purpose of detecting conflicts of interests, money laundering, past 
criminal activity and suspicious activity. KYE is a key tool in detecting suspicious activity because 
employees can be accomplices of money launderers. 
 
 
 




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