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A Sanctions Compliance Program is a structured framework implemented by organizations to ensure adherence to international, national, and local sanctions laws and regulations. These programs are designed to prevent businesses from engaging in prohibited transactions with sanctioned entities or individuals, thereby mitigating legal and financial risks.
Sanctions evasion refers to the deliberate actions taken by individuals, companies, or countries to circumvent economic or trade restrictions imposed by governments or international bodies.
Sanctions screening is a compliance process used by financial institutions and businesses to identify and prevent transactions involving individuals, entities, or countries subject to economic or trade sanctions.
The Securities Industry Essentials (SIE) Exam is an entry-level assessment administered by the Financial Industry Regulatory Authority (FINRA) for prospective securities industry professionals.
A self-hosted wallet is a type of crypto wallet where users maintain full control over their private keys and digital assets, without relying on a third party.
The Serious Fraud Office (SFO) is a specialized government agency in the United Kingdom responsible for investigating and prosecuting complex cases of serious or high-value fraud, bribery, and corruption.
A Service Level Agreement (SLA) is a formal contract between a service provider and a client that outlines the expected level of service, performance metrics, and responsibilities.
Simplified Due Diligence (SDD) is a risk-based approach in compliance procedures where reduced levels of scrutiny are applied to customers or transactions that are considered low risk. SDD allows for less rigorous verification processes compared to standard due diligence, while still ensuring compliance with regulatory requirements.
A Social Security Number (SSN) is a unique nine-digit identifier issued by the U.S. government to citizens, permanent residents, and certain temporary residents. It is primarily used to track individuals for Social Security purposes, including retirement and disability benefits.
The Solicitors Regulation Authority (SRA) is the regulatory body responsible for overseeing solicitors and law firms in England and Wales. It sets professional standards, enforces compliance with legal and ethical obligations, and ensures the protection of clients and the public.
Source of Funds refers to the origin of the money used in a financial transaction or investment. It is a critical concept in finance and compliance, particularly in the context of anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
Source of Wealth (SOW) refers to the origin of an individual's or entity's accumulated financial resources. It encompasses the activities, investments, or transactions that have contributed to the growth of their wealth over time. Understanding the SOW is crucial in financial and legal contexts, particularly for compliance with regulations related to anti-money laundering and financial transparency.
A State-Owned Enterprise (SOE) is a business entity that is owned and operated by a government. These enterprises are established to undertake commercial activities on behalf of the government and can be found in various sectors such as energy, transportation, and telecommunications.
A Suspicious Activity Report (SAR) is a document that financial institutions and certain businesses are required to file with government authorities to report any observed or suspected activities that might indicate money laundering, fraud, or other financial crimes.
Suspicious Incident Reports (SIPs) are formal documents used to record and communicate details about activities or behaviors that appear unusual or potentially indicative of criminal or harmful intent. These reports are typically filed by individuals or organizations, such as security personnel, law enforcement, or employees, who observe suspicious actions that may require further investigation.
A Suspicious Matter Report (SMR) is a document submitted by financial institutions and other entities to regulatory authorities when they detect or suspect that a transaction or activity may be linked to money laundering, terrorism financing, or other illegal activities.
A Suspicious Transaction Report (STR) is a document submitted by financial institutions to regulatory authorities to report any transactions that appear unusual or potentially linked to illegal activities, such as money laundering or terrorist financing.
The Swiss Financial Market Supervisory Authority (FINMA) is the independent regulatory body responsible for overseeing and regulating Switzerland's financial markets. Its primary role is to ensure the stability, integrity, and transparency of the financial system, protect investors, and maintain the country's reputation as a global financial hub.
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