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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.
Card Not Present (CNP) Fraud refers to a type of fraudulent activity that occurs when a transaction is made without the physical presence of a credit or debit card.
A Cash Transaction Report (CTR) is a mandatory financial document that financial institutions in the United States must file with the Financial Crimes Enforcement Network (FinCEN) for any cash transaction exceeding $10,000.
A Central Bank (CB) is a national financial institution responsible for managing a country's currency, money supply, and interest rates. It plays a crucial role in maintaining economic stability by implementing monetary policy, regulating and supervising the banking industry, and serving as a lender of last resort to banks during financial crises.
Central Bank Digital Currency (CBDC) is a digital form of a country's national currency issued and regulated by its central bank. Unlike cryptocurrencies, CBDCs are centralized and aim to combine the efficiency and security of digital transactions with the trust and stability of traditional fiat currencies.
The Certified Anti-Money Laundering Specialist (CAMS) is a globally recognized certification for professionals in the financial industry who specialize in detecting and preventing money laundering and financial crimes.
The Certified Financial Analyst (CFA) designation is a prestigious professional credential offered by the CFA Institute, primarily for investment and financial professionals. It is recognized globally and signifies a high level of expertise in investment management, financial analysis, and ethical standards.
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.
A Chief Executive Officer (CEO) is the highest-ranking executive in a company, responsible for making major corporate decisions, managing overall operations, and serving as the main point of communication between the board of directors and corporate operations.
The Chief Financial Officer (CFO) is a senior executive responsible for managing the financial actions of a company. This role involves overseeing financial planning, risk management, record-keeping, and financial reporting.
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 Compliance (CLC) refers to the systematic approach of ensuring that a company's interactions with its clients adhere to regulatory and legal standards throughout the entire client relationship.
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.
Compliance refers to the act of adhering to and following established rules, regulations, standards, or laws set by governing bodies, organizations, or industry standards. It involves ensuring that business operations, processes, and practices meet legal and ethical requirements to avoid penalties, legal issues, or reputational damage.
A Compliance Monitoring Program is a systematic approach used by organizations to ensure adherence to legal, regulatory, and internal policy requirements. It involves the continuous review and assessment of processes, activities, and systems to identify and rectify non-compliance issues.
A Compliance Officer is a professional responsible for ensuring that an organization adheres to legal standards, regulatory requirements, and internal policies. They develop and implement compliance programs, conduct audits, and provide training to staff to prevent violations.
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).
A Compliance Policy Framework is a structured set of guidelines and procedures designed to ensure that an organization adheres to legal, regulatory, and ethical standards. It provides a systematic approach for managing compliance risks, establishing accountability, and promoting a culture of integrity within the organization.
Compliance Risk Assessment is a systematic process used by organizations to identify, evaluate, and manage the risk of non-compliance with legal, regulatory, and internal policy requirements. This assessment helps organizations understand potential vulnerabilities and the impact of non-compliance on their operations, reputation, and financial standing.
A conflict of interest occurs when an individual or organization has competing interests or loyalties that could potentially influence their decision-making or actions. This situation often arises when personal, financial, or other considerations have the potential to compromise professional judgment and objectivity.
Consumer fraud refers to deceptive practices that result in financial or personal losses for consumers. This type of fraud can occur through various means, such as false advertising, identity theft, pyramid schemes, or selling counterfeit goods.
Continuing Professional Development (CPD) refers to the ongoing process of learning and development that professionals engage in to enhance their skills, knowledge, and competencies throughout their careers.
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.
Corporate Social Responsibility (CSR) refers to a business model in which companies integrate social and environmental concerns into their operations and interactions with stakeholders. It involves going beyond legal obligations to voluntarily contribute to a better society and a cleaner environment.
The Corporate Transparency Act is a U.S. law enacted to enhance financial transparency and combat illicit activities such as money laundering and tax evasion. It requires certain corporations and limited liability companies to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).
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.
Countering Proliferation Financing (CPF) refers to the strategies and measures implemented to prevent and disrupt the flow of financial resources that support the proliferation of weapons of mass destruction (WMD) and their delivery systems.
Countering the Financing of Terrorism (CFT) refers to the strategies and measures implemented to detect, prevent, and disrupt the financial networks that support terrorist activities.
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.
Counter-Terrorism Financing (CTF) refers to the strategies and measures implemented to detect, prevent, and disrupt the flow of funds to terrorist organizations. This involves monitoring financial transactions, enhancing regulatory frameworks, and fostering international cooperation to identify and block sources of funding.
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.
Credit cards are financial tools issued by banks or financial institutions that allow cardholders to borrow funds to pay for goods and services. They offer a convenient way to make purchases, both in-person and online, and often come with benefits such as rewards, cashback, and travel perks.
Credit card skimming is a form of theft where criminals use a small device to illegally capture and store the data from the magnetic stripe of a credit card during a legitimate transaction. This device, often discreetly attached to ATMs, gas station pumps, or point-of-sale terminals, allows the thief to clone the card and make unauthorized purchases.
Criminal Law is a branch of law that deals with behaviors and actions that are considered offenses against the state or public, distinguishing them from civil wrongs. It involves the prosecution by the government of a person for an act that has been classified as a crime.
Criminal organizations are structured groups engaged in illegal activities for profit, power, or influence. These entities often operate in a hierarchical manner and may be involved in various illicit activities such as drug trafficking, money laundering, extortion, and human trafficking.
Critical Threat Intelligence refers to the process of gathering, analyzing, and interpreting information about potential or existing threats that pose significant risks to an organization's security.
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.
A Crypto Asset Service Provider (CASP) is an entity or organization that offers services related to cryptocurrencies and digital assets. These services can include the exchange, transfer, custody, or management of crypto assets.
Cryptocurrency fraud refers to illegal activities involving digital currencies, where scammers deceive individuals or organizations to steal funds or sensitive information. Common types include Ponzi schemes, phishing attacks, fake initial coin offerings (ICOs), and pump-and-dump schemes.
Crypto mixers enhance privacy by obscuring the origin of cryptocurrency transactions, but they raise significant regulatory concerns, especially around money laundering. This article explores how crypto mixers work, their risks, regulatory challenges, and the evolving legal landscape surrounding their use.
A crypto scam is a fraudulent scheme involving cryptocurrencies, where scammers deceive individuals into investing in fake or non-existent digital assets, promising high returns with little risk.
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.
A custodial wallet is a type of digital wallet where a third party, such as a cryptocurrency exchange or financial institution, holds and manages the private keys on behalf of the user. This means that the custodian has control over the user's funds and is responsible for securing them.
A custodian is an individual or entity responsible for the care, management, and oversight of assets or property on behalf of another party. This role often involves safeguarding financial assets, maintaining records, and ensuring compliance with relevant regulations. In a broader context, custodians can also refer to individuals responsible for the maintenance and cleanliness of a physical space, such as a building or facility.
Customer Due Diligence (CDD) is a critical 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.
The Cybercrime Prevention Framework is a structured approach designed to protect individuals, organizations, and governments from cyber threats and criminal activities conducted via the internet. It encompasses a range of strategies, policies, and technologies aimed at identifying, mitigating, and responding to cybercrime.
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