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AML: Anti-Money Laundering glossary

Do you know your ASP from your EAB? Do you have a PBS or are you a BOOM? Anti-Money Laundering (AML) guidance loves an abbreviation. Here is a useful list.

ACSP – Authorised Corporate Service Provider

AML/CTF - Anti-Money Laundering and Counter-Terrorism Financing

AMP - Art Market Participants

ASP - Accountancy Service Providers

BOOM – Beneficial Owners, Operators and Managers

BPSP - Bill Payment Service Providers

CTF – Counter-terrorism financing

EAB - Estate Agency Businesses

ECCT Bill - Economic Crime and Corporate Transparency Bill

ECTE - Economic Crime (Transparency & Enforement Act) 2022

EU – European Union

FATF – Financial Action Task Force

FCA – Financial Conduct Authority

FSMA – Financial Services and Markets Act 2000

GC - Gambling Commission

HMRC – His Majesty’s Revenue and Customs

HVDs - High-Value Dealers

IT – Information Technology

JMLSG – Joint Money Laundering Steering Group

OPBAS – Office for Professional Body Anti-Money Laundering and Counter-Terrorism Financing Supervision

OPBAS Regulations – Oversight of Professional Body Anti-Money Laundering and Counter-Terrorist Financing Supervision Regulations 2017

LAB – Letting Agency Businesses

MER – Mutual Evaluation Report

ML – Money Laundering

MLRs – Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

MoU – Memorandum of Understanding

MSB – Money Service Business NCA – National Crime Agency

NRA – National Risk Assessment of Money Laundering and Terrorist Financing

PBS – Professional Body Supervisor

PB- Professional Body

PF – Proliferation Financing (of Weapons of Mass Destruction)

PRA – Prudential Regulation Authority The Review – The 2022 HM Treasury Review of the UK’s AML/CTF regulatory and supervisory Regime

PSC– Persons of Significant Control

PSC– Personal Service Company (used in tax not for AML)

ROE – Register of Overseas Entities

RICS – Royal Institution of Chartered Surveyors

SAR – Suspicious Activity Report

SAS – Single AML/CTF Supervisor

SPSS – Single Professional Services Supervisor Statutory Supervisors – A term usually used to refer to HMRC, the FCA, and the Gambling Commission

TCSP – Trust and Company Service Provider

TDITPSP - Telecommunications, Digital, and IT Payment Service Providers

TF – Terrorism Financing

UKFIU – UK Financial Intelligence Unit

Anti-Money Laundering Update and Compliance course

Time for you firmwide risk assessment? New to AML compliance? Need help working through your AML verification checks?

Accountancy is not the only high-risk industry, finance, crypto, legal, property, money lending, casino and high-value dealers are all at risk of exploitation.

This workshop covers

  • What's New in terms of the rules
  • An update on sanctions
  • Case study & walk through the AML compliance routine
  • Firm-wide assessment: how to benchmark your practice
  • Common mistakes and workarounds
  • Persons of Significant Control: HMRC's new measures
  • Annual Updates to the Register of Overseas Entities
  • Other disclosures and compliance 
  • When to make a SAR

Watch now from your desk

Ticket type: prices are ex-VAT, VAT @ 20% will be added