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Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Offshore 
Literally, away from one‘s own home country—if one lives in Europe, the U.S. is ―offshore.‖ In the money 
laundering lexicon, the term refers to jurisdictions deemed favorable to foreign investments because of low 
or no taxation or strict bank secrecy regulations. 
Offshore Bank 
Though licensed to conduct banking activities, an offshore bank is prohibited from doing business with 
local citizens or in local currency as a condition of its license. 
Offshore Financial Center (OFC) 
Institutions that cater to or otherwise encourage banks, trading companies, and other corporate or legal 
entities to physically or legally exist in a jurisdiction but limit their operations to ―offshore,‖ meaning 
outside the jurisdiction (see Offshore). OFCs have historically been located in the Caribbean or on 
Mediterranean islands to be in reasonable proximity to the major financial centers of the U.S. and Europe. 
Offshore Group of Banking Supervisors (OGBS) 
Organization that promotes the supervision of banks in their jurisdictions and furthers international 
cooperation among Offshore Banking Supervisors, Basel Committee member nations, and other banking 
supervisors. The OGBS was established in 1980 at the instigation of the Basel Committee on Banking 
Supervision, with which it maintains close contact. Through the Working Group on Cross-Border Banking, 
the Offshore Group joined with the Basel Committee in preparing a paper on Customer Due Diligence for 
Banks, which the Basel Committee issued in 2001. This paper reinforces principles 
set out in earlier Basel Committee papers by providing more precise guidance on the essential elements of 
Know Your Customer standards and their implementation. Offshore Group members are fully committed to 
the KYC standards contained in the paper. The Working Group also has produced as an annex to the 
Customer Due Diligence paper a General Guide to Account Opening and Customer Identification.   
Omnibus Account 
See Clearing Account. 
Operational Risk 
The risk of direct or indirect loss of operations due to inadequate or failed internal processes, people or 
systems, or as a result of external events. Public perception that a bank is not able to manage its operational 
risk effectively can disrupt or harm the business of the bank. 
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Organization for Economic Cooperation and Development (OECD) 
International organization that assists governments on economic development issues in the global economy. 
OECD houses the FATF secretariat in Paris.   
Organization of American States: Inter-American Drug Abuse Control Commission (Comisión 
Interamericana para el Control del Abuso de Drogas) (CICAD) 
OAS has issued several sets of anti-money laundering recommendations through its Inter-American Drug 
Abuse Control Commission (CICAD). They include amendments to the OAS Model Regulations issued in 
1992. CICAD has sponsored and coordinated training seminars for public officials and bankers on anti-
money laundering measures and oversees the anti-money laundering efforts of its member countries in the 
Western Hemisphere. 
Originator 
The account holder or, where there is no account, the person (natural or legal) which places the order with 
the financial institution to perform the wire transfer. 
Over The Counter (OTC) 
Two distinct meanings in the money laundering context: 
1.
 
As used in U.S. Bank Secrecy Act reporting forms, it refers to deposits of cash made physically at a 
branch.   
2.
 
In the securities industry, it describes the market for trading equities that are not listed on an 
organized stock exchange, or for trading securities such as corporate bonds, mortgage- backed or 
asset-backed securities, currency swaps, etc. In the OTC market, trading is conducted remotely by 
broker- dealers rather than on a physical exchange floor, and prices are set by negotiation between 
the buyer and seller rather than by ―auction bidding‖ on the floor of an exchange. 

Passive Trust 
See Bare Trust. 
 
 


Supervision Department - AML/CFT Training 
Definitions GlosSTRy
 
2
 
Payable Through Account 
Transaction account opened at a depository institution 
by a foreign financial institution through which the foreign institution‘s customers engage, either directly or 
through sub-accounts, in banking activities and transactions in the country where the account was opened. 
Such accounts pose risks to the depository institutions that hold them because it can be difficult to conduct 
due diligence on foreign institution customers who are ultimately using the PTA accounts. 
PC-R-EV 
See MONEYVAL. 
Physical Cross-Border Transportation of Currency 
Any in-bound or out-bound transportation of currency or bearer negotiable instruments from one country to 
another. The term includes: (1) physical transportation by a natural person, or in that person‘s 
accompanying luggage or vehicle; (2) shipment of currency through cargo containers; and (3) the mailing 
of currency or bearer negotiable instruments. 
Physical Presence 
Existence of an actual brick and mortar location with meaningful management of the institution physically 
located within a country, where it maintains business records and is subject to supervision. The mere 
existence of a local agent or low level staff does not constitute physical presence. 
Placement 
The first phase of the money laundering process: The physical disposal of cash proceeds derived from 
illegal activity. 
Poey Kuan 
See Alternative Remittance System. 
Policies 
A financial institution‘s operating regulations and its internal rules that define how employees are expected 
to conduct themselves. 
Politically Exposed Person (PEP) 
According to FATF‘s revised 40 Recommendations of 2003, a PEP is an individual who has been entrusted 
with prominent public functions in a foreign country, such as a head of state, senior politician, senior 
government official, judicial or military official, senior executive of a state-owned corporation or important 
political party official, as well as their families and close associates. The term PEP does not extend to 
middle- ranking individuals in the specified categories. Various country regulations will define the term 
PEP, which may include domestic as well as foreign persons.
 




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