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The Capital Requirements Regulation (CRR) is a key component of the European Union's financial regulatory framework, aimed at ensuring the stability and resilience of financial institutions. It sets out the minimum capital requirements that banks and other financial entities must hold to cover their risks and safeguard against financial distress.
"Card not present" refers to a type of transaction where the physical credit or debit card is not physically presented to the merchant at the time of the transaction. This typically occurs in online purchases, phone orders, or mail orders.
A Certified Anti-Money Laundering Specialist (CAMS) is a professional who has earned a certification demonstrating expertise in detecting and preventing money laundering activities. This credential is recognized globally and signifies that the individual has a comprehensive understanding of anti-money laundering (AML) laws, regulations, and best practices.
Chargeback fraud, also known as friendly fraud, occurs when a consumer makes a legitimate purchase with their credit card and then disputes the charge with their bank, falsely claiming the transaction was unauthorized or that the goods or services were not received.
Client Due Diligence (CDD) is a process used by financial institutions and businesses to verify the identity and assess the risk profile of their clients.
Client Lifecycle Management (CLM) refers to the comprehensive approach businesses use to manage and optimize their interactions with clients throughout the entire duration of their relationship. This process encompasses various stages, including client acquisition, onboarding, engagement, retention, and renewal or termination.
CSSF stands for the Commission de Surveillance du Secteur Financier, which is the financial regulatory authority in Luxembourg. It oversees and ensures the stability, transparency, and proper functioning of the financial sector, including banks, investment firms, and other financial institutions.
The Committee on Foreign Affairs (COFA) is a legislative body typically found within governmental structures, such as parliaments or congresses, responsible for overseeing and shaping foreign policy and international relations.
CFSP stands for Common Foreign and Security Policy. It is a key component of the European Union's external action, aimed at promoting international peace and security, democracy, and the rule of law.
The Common Reporting Standard (CRS) is an international framework developed by the Organisation for Economic Co-operation and Development (OECD) to facilitate the automatic exchange of financial account information between participating countries.
A Compliance Officer for Legal Practice (COLP) is responsible for ensuring that a law firm complies with all relevant legal and regulatory requirements. The COLP's duties include monitoring the firm’s adherence to professional standards, managing risk, and reporting any serious breaches of compliance to regulatory bodies such as the Solicitors Regulation Authority (SRA).
The Corporate Alternative Minimum Tax (CAMT) is a tax provision designed to ensure that large corporations pay a minimum level of tax, regardless of deductions, credits, or other tax benefits that might otherwise reduce their tax liability.
A Correspondent Bank is a financial institution that provides services on behalf of another bank, typically in a different country. These services can include facilitating wire transfers, conducting business transactions, accepting deposits, and gathering documents. Correspondent banks act as intermediaries, enabling domestic banks to access international financial markets and conduct cross-border transactions efficiently.
Correspondent Banking refers to a financial arrangement where one bank (the correspondent bank) provides services on behalf of another bank (the respondent bank).
Counterparty refers to the other party involved in a financial transaction or contract. In the context of trading, investing, or financial agreements, the counterparty is the entity on the opposite side of the deal, such as a buyer if you are selling, or a seller if you are buying.
Credit card fraud is a form of identity theft that involves unauthorized use of someone else's credit card information to make purchases or access funds. This type of fraud can occur through various methods, such as phishing scams, data breaches, or physical theft of the card.
Cross Border Payments refer to financial transactions where the payer and the recipient are located in different countries. These payments can involve individuals, businesses, or financial institutions and typically require currency conversion, compliance with international regulations, and the use of intermediary banks or payment networks.
Cuckoo Smurfing is a sophisticated money laundering technique where illicit funds are disguised as legitimate transactions. This method involves depositing small amounts of dirty money into the bank accounts of unsuspecting individuals or businesses, often through international transfers.
A Currency Transaction Report (CTR) is a mandatory financial document that U.S. financial institutions must file with the Financial Crimes Enforcement Network (FinCEN) for any transaction exceeding $10,000.
Customer Due Diligence (CDD) is a process used by financial institutions and businesses to verify the identity of their clients and assess potential risks of illegal activities, such as money laundering or terrorist financing.
The Customer Identification Program (CIP) is a regulatory requirement for financial institutions to verify the identity of their customers.
Governance refers to the processes, structures, and systems by which organizations, institutions, or societies are directed, controlled, and held accountable. It encompasses the mechanisms and principles that guide decision-making, ensure transparency, uphold the rule of law, and promote the effective management of resources and responsibilities.
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