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Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Money Transfer Service or Value Transfer Service 
Financial service that accepts cash, checks other monetary instruments that can store value in one location 
and pay a corresponding sum in cash or other form to a beneficiary in another location by means of a 
communication, message, transfer or through a clearing network to which the money/ value transfer service 
belongs. Transactions performed by such services can involve one or more intermediaries and a third-party 
final payment. A money or value transfer service may be provided by persons (natural or legal) formally 
through the regulated financial system (for example, bank accounts), informally through non-bank financial 
institutions and 
business entities or outside of the regulated system. In some jurisdictions, informal systems are referred to 
as alternative remittance services or underground (or parallel) banking systems. 
MONEYVAL 
Council of Europe Select Committee of Experts on the Evaluation of Anti-Money Laundering Measures. 
Formerly PC- R-EV, the committee was established in 1997 by the Committee of Ministers of the Council 
of Europe to conduct self and mutual assessments of anti-money laundering measures in place in Council of 
Europe countries that are not FATF members. MONEYVAL is a sub-committee of the European 
Committee on Crime Problems of the Council of Europe (CDPC). 
Monitoring 
An element of an institution‘s anti-money laundering program in which customer activity is reviewed for 
unusual or suspicious patterns, trends or outlying transactions that do not fit a normal pattern. Transactions 
are often monitored using software that weighs the activity against a threshold of what is deemed ―normal 
and expected‖ for the customer. 
Mutual Fund 
An investment company that continually offers new shares and buys existing shares back on demand, using 
its capital to invest in diversified securities of other companies. Money is collected from individuals and is 
invested on their behalf in varied equity or debt portfolios. 
Mutual Legal Assistance Treaty (MLAT) 
Agreement among countries allowing for mutual assistance in legal proceedings and access to documents 
and witnesses and other legal and judicial resources in the respective countries, in private and public 
sectors, for use in official investigations and prosecutions. 
N
 
 
 
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Naked Trust 
See Bare Trust. 
NCCT 
See Non-Cooperative Countries and Territories (NCCT) List. 
NCCT Criteria 
Criteria published in the FATF Report on Non-Cooperative Countries and Territories issued in February 
2000 used to determine which countries to designate as NCCTs. See Non- Cooperative Countries or 
Territories (NCCTs) list. 
Nesting 
The practice that involves the use of a foreign correspondent bank account by another foreign bank to 
conduct its own transactions. 
Nominee Account 
See Benami Account. 
Nominee Company 
A corporation that is formed for the express purpose of holding securities and other assets in its name on 
behalf of others, or providing nominee directors and/or officers on behalf of clients. 
Non-Cooperative Countries and Territories (NCCT) List 
Countries and territories that were designated starting In 1999 by the Financial Action Task Force as being 
non-cooperative in the global anti-money laundering effort or as lacking adequate anti-money laundering 
controls. The last country was removed from this list in October 2006. 
Non-Financial Trades and Businesses 
See Designated Non-Financial Businesses and Professions. 
Non-Governmental Organization (NGO) 
International organizations that are not directly linked to the governments of specific countries, such as 
Doctors without Borders and the International Red Cross. Some countries‘ anti- money laundering 
regulations for NGOs still have loopholes that some worry could be exploited by terrorists or terrorist 
sympathizers trying to secretly move money. 
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Non-Profit Organizations (NPO) 
These can take on a variety of forms, depending on the jurisdiction and legal system, including associations
foundations, fund-raising committees, community service organizations, corporations of public interest, 
limited companies and public benevolent institutions. FATF has suggested practices to help authorities 
protect organizations that raise or disburse funds for charitable, religious, cultural, educational, social or 
fraternal purposes from being misused or exploited by financiers of terrorism. 
Nostro Account 
Nostro and vostro accounts are mirror correspondent accounts maintained by two banks in different 
jurisdictions to facilitate transactions in each other‘s local currency—essentially, clearing accounts that 
balance foreign currency transactions between the two institutions. For example, Bank X from Brazil might 
open a U.S.-dollar account at Bank Y in the U.S., called a ―nostro‖ (literally ―our‖) account; Bank Y might 
open a mirror account in Brazilian reals with Bank X in Brazil—a ―vostro‖ (―your‖) account. Financial 
regulators have expressed concern over the transparency of nostro and vostro account relationships, 
especially when there are multiple layers of accounts within primary relationships. 
O
 
Office of Foreign Assets Control (OFAC) 
Office within the U.S. Department of the Treasury that administers and enforces economic and trade 
sanctions against targeted foreign countries, terrorism-sponsoring organizations, terrorists, international 
narcotics traffickers, 
and others based on U.S. foreign policy and national security goals. After September 11, 2001, OFAC 
became a significant player in the anti-money laundering field as well. The office issues various lists, 
including ―Specially Designated Narcotics Traffickers‖ and ―Specially Designated Terrorists,‖ and its 
regulations require U.S. persons, including financial institutions, to block and file reports on accounts, 
payments or transfers 
in which an OFAC-designated country, entity or individual 
has an interest. OFAC requirements have an extraterritorial reach because they require U.S. persons and 
entities located outside of the U.S. to comply. Independent of origin or final destination, if a U.S. financial 
institution acts as an intermediary for a transaction that involves an OFAC-designated entity, the funds must 
be blocked. 
 
 




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