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The FATF Recommendations are a set of international standards developed by the Financial Action Task Force (FATF) to combat money laundering, terrorist financing, and other related threats to the integrity of the international financial system.
Fiat money is a type of currency that is issued by a government and holds value not because it is backed by a physical commodity like gold or silver, but because of the trust and confidence that people have in the issuing authority.
A Financial Action Plan is a strategic roadmap designed to help individuals or organizations achieve their financial goals. It outlines specific actions, timelines, and resources needed to manage finances effectively, including budgeting, saving, investing, and debt management.
The Financial Action Task Force (FATF) is an intergovernmental organization established in 1989 to develop and promote policies aimed at combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system.
The Financial Action Task Force Recommendations are a set of international standards aimed at combating money laundering, terrorist financing, and other related threats to the integrity of the global financial system.
The Financial Conduct Authority (FCA) is a regulatory body in the United Kingdom responsible for overseeing the financial services industry. Its primary objectives are to protect consumers, ensure market integrity, and promote effective competition. The FCA regulates financial firms, sets standards for conduct, and enforces compliance to maintain trust and stability in the financial markets.
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury that aims to safeguard the financial system from illicit use, combat money laundering, and promote national security through the collection, analysis, and dissemination of financial intelligence.
A financial institution is an organization that provides financial services to individuals, businesses, and governments. These services can include accepting deposits, providing loans, managing investments, and offering financial advice.
Financial Institutions Reform refers to the process of implementing changes and improvements in the regulatory and operational frameworks governing financial institutions.
A Financial Intelligence Unit (FIU) is a government agency responsible for collecting, analyzing, and disseminating financial information to combat money laundering, terrorist financing, and other financial crimes.
Financially Exposed Persons (FEPs) are individuals who, due to their position or influence, have greater exposure to financial risks, such as corruption, money laundering, or bribery.
A Financially Significant Entity (FSE) refers to an organization or institution whose financial activities, size, or market influence are substantial enough to impact the broader financial system or economy.
The Financial Stability Oversight Council (FSOC) is a U.S. government organization established under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Its primary purpose is to identify and monitor risks to the financial stability of the United States, promote market discipline, and respond to emerging threats to the financial system. The FSOC is composed of key financial regulators, including the Secretary of the Treasury, who serves as the chairperson, and representatives from various federal and state financial regulatory agencies. The council has the authority to designate certain non-bank financial institutions as systemically important, subjecting them to enhanced regulatory oversight.
Financial Technology, commonly known as Fintech, refers to the innovative use of technology to deliver financial services and solutions. It encompasses a wide range of applications, including mobile banking, online payment systems, peer-to-peer lending, cryptocurrency, and robo-advisors.
The Foreign Account Tax Compliance Act (FATCA) is a U.S. federal law enacted in 2010 aimed at combating tax evasion by U.S. taxpayers holding financial assets outside the United States.
The Foreign Corrupt Practices Act (FCPA) is a United States federal law enacted in 1977 aimed at preventing bribery and corruption in international business transactions. It prohibits U.S. individuals and entities from offering, paying, or authorizing payments to foreign government officials for the purpose of obtaining or retaining business.
Foreign Exchange (FX) refers to the global marketplace where currencies are traded. It is the largest and most liquid financial market in the world, operating 24 hours a day, five days a week. Participants in the FX market include banks, financial institutions, corporations, governments, and individual traders.
The Foreign Investment in Real Property Tax Act (FIRPTA) is a United States tax law enacted in 1980 that imposes income tax on foreign individuals and entities selling real estate located in the U.S.
FRAML stands for Fraud Detection, Anti-Money Laundering, and Compliance. It is a comprehensive approach used by financial institutions and businesses to identify, prevent, and manage fraudulent activities and money laundering schemes.
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