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
