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Sl. #
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Abbreviation
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Full Form
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1
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AML
|
Anti-Money
Laundering
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2
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CFT
|
Counter/
Combating Financing of terrorism
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3
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CTR
|
Cash Transaction
Report. CTR threshold amount is Tk 10 lac or above
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4
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STR
|
Suspicious
Transaction Report. AML circular No.10/2014. In AML Act 2012,suspicious
transaction define as : 1) that is not normal or that is unusual transactions 2) with regard to any
transaction there is ground to suspect that the property is the proceeds of a
predicate offence & financing of terrorist activities, a terrorist group
or an individual terrorist 3) transactions to avoid CTR (structuring)
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4A
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Structuring of
transaction
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The transaction is made to avoid CTR
threshold. It is also called unnecessary transactions which is indicator of
STR.
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5
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FIU
|
Financial
Intelligence Unit. It is a central national agency. Its main function is to
develop systems and deal with the problem of ML and other
financial crime
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6
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FATF
|
Financial Action
Task Force: Its member country is 36. Its main function is to formulate
recommendations for AML & CFT and
implementation of the recommendation & conduct research regarding ML
& Terrorist financing
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7
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BFIU
|
Bangladesh
Financial Intelligence Unit. This is an independent Unit whose responsibilities is to implement
FATF recommendation & implementation of AML policy and CFT policy in line
with AML & ATA in Bangladesh.
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8
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CCU
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Central
Compliance Unit at ABBL Head office. It is independent unit. Function is to
implement AML & CFT policy in the Bank & compliance of BFIU
instruction & report to BFIU.
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9
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CAMLCO
|
Chief Anti Money
Laundering compliance Officer (Generally DMD, Operations designate as CAMLCO
in AB Bank) Mr. Sajjad Hussain DMD is
now CAMLCO of AB Bank
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10
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Deputy CAMLCO
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Deputy Chief Anti
money laundering compliance officer. He is the member of CCU
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11
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BAMLCO
|
Branch Anti Money
Laundering compliance Officer(Generally Branch Operation Manager designate as
BAMLCO in AB Bank)
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12
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Predicate offence
|
Number of
predicate offences are -27. For
details see AML Policy
Predicate offence
means: Money or property earned through committing offence mentioned in AML
Act-2012.
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13
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CDD
|
Customer Due
Diligence. CDD should be apply100% in line with AML policy at the time of
establishing customer relationship.
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14
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EDD
|
Enhance Due
Diligence. (more information for more satisfaction or to mitigate risk on
ML/TF)
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15
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KYC
|
Know Your
Customer. Custer should be assessed as high risk or low risk considering the
three parts i.e. 1) personal information 2) business information 3)
transactional information.
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16
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KYCB
|
Know your
customer Business
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17
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Reporting Agency
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Number of
Reporting Agency is 17.Reporting Agency means the organization who is
responsible to report BFIU, Bangladesh Bank for ML & terrorist
financing. For details See AML Policy
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18
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APG
|
Asia Pacific
Group on Money Laundering. Its function is to assess the implementation
status of Asia region…
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19
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Egmont Group
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Its member
country 132 including Bangladesh. It is an international forum consisting of
FIU of different countries of the world. Its main function is to deal with
money laundering and terrorist financing information. Every member country
will get information regarding ML and terrorist financing information from
the group.
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20
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PEPs
|
Politically
Exposed Persons. Foreign high profile persons i.e. individuals who are or
have been entrusted with prominent public functions in a foreign country for
example Head of state or of govt. senior politicians senior govt. judicial or
military officials, senior executive of the state owned corporations,
important political party officials, close relation or business relationship
with the PEPS and beneficial owner of the PEPS. Enhanced due diligence should
be enhanced. PEPS account will not be opened without the consent of senior
management.
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20A
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IPS (Influential
persons)/Domestic PEPs
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Influential persons’ refers
to, “Individuals who are or have been entrusted with prominent public
functions, for example Heads of State or of government, senior politicians,
senior government, judicial or military officials, senior executives of state
owned corporations, important political party officials.” The following
individuals must always be classed as Influential persons:
(a) heads and deputy
heads of state or government;
(b) senior members of ruling party;
(c) ministers, state ministers and
deputy ministers;
(d) members of parliament and/or national legislatures;
(e) members of the governing bodies
of major political parties;
(f) Secretary, Additional secretary,
joint secretary in the ministries;
(g) Judges of supreme courts,
constitutional courts or other high-level judicial bodies whose decisions are
not subject to further appeal, except in exceptional circumstances;
(h) governors, deputy governors,
executive directors and general managers of central bank;
(i) heads of the armed forces, other
high ranking members of the armed forces and heads of the intelligence
services;
(j) heads of state-owned
enterprises;
(k) members of the governing bodies
of local political parties;
(l) ambassadors, chargés
d’affaires or other senior diplomats;
(m) city mayors or heads of
municipalities who exercise genuine political or economic power;
(n) Board members of state-owned enterprises of
national political or economic importance.
Whether an individual is an influential person or not will depend on
the prominence or importance of the function that he/she holds, and the level
of corruption in the country, the reputation and personal links of the
individual and whether he/she has any links to industries that are prone to
corruption. If the individual does not hold sufficient influence to enable
them to abuse his/her power for gain, they should not be classified as an in
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21
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FT
|
Financing of
Terrorism
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22
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ATA
|
Anti-Terrorism
ACT 2009, Amendment was made in 2013
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23
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UNODC
|
The
United Nations Office on Drugs and Crime
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24
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NPO
|
Non-Profit
Organization & NGO : non govt. organization
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25
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IMF
|
International
Monetary fund
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26
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INTERPOL
|
International
Police Organization, based in France
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27
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KYB
|
Know Your
Business
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28
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Placement
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Physical disposal
of the initial proceed derived from predicate offence. It is first stage of
money laundering
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29
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Layering
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It is the second stage of money laundering process in which funds are
transferred or converted in to another form or creating complex layers of
financial transactions to hide the illegal money.
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30
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Integration
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It is the third stage of money laundering.
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31
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MSB
|
Money Services Business
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32
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UNSCR
|
United Nations Security Council Resolutions
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33
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FATF Recommendation
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FATF recommendation is now 40 (
both AML & CFT)Revised standard March 2012
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34
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Record keeping
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As per AML Act 2012, customer record must be maintained 05 (Five) years
after closing. Document from opening the account
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35
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TP
|
Transaction profile declared by the customer. What type of transaction
will make as per business transaction or occupational income .It is
transactional history of the customer on monthly basis. TP is obtained to
monitor actual transaction with declared transactions.
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36
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Total AML & BFIU Circulars
|
AML circulars are 29 .
BFIU Circulars- 18 (BFIU
Master circular No.10 issued dated 28-12-2014
Master circular means consolidation of all circulars.)
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37
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Name of AML & ATA Act
|
Anti-money laundering Act-2012, effective date: January 16, 2012 AML
Act amendment 2015 & Anti-Terrorism (amendment) Act-2013, effective date:
June 12, 2013. Both are existing.
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38
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SHEEL Company/Bank
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The bank/ company which have no
registration/ license from the authority but conduct business or have
license/registration but no office, staff and activities, they are SHELL
Company/Bank. We shall not maintain/establish any correspondent relation with
them.
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39
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Walk–in Customer
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The customer who have no account relationship with the Bank but provide
services. KYC from such customer to be obtained as per form ANX –B in AML
policy
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40
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ACC
|
Anti-Corruption Commission
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41
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APRRG
|
Asia Pacific Regional Review Group
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42
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ICRG
|
International Cooperative Review Group
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43
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DNFBPs
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Designated
Nonfinancial Business and professions. Its includes i.e., Real Estate
Developer ,Dealer in precious metal and stone, Trust and company as service
provider, Lawyer, Notary, others law professionals & Accountant. They are
reporting agency. They have to report regarding ML & Terrorist financing
to BFIU.
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44
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UN sanction list
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It is the list
provided by United Nations Security Council to attach/ freeze the account or
inform the listed name for terrorist activities to UNO through BFIU,
Bangladesh Bank.
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45
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OFAC list
|
Office of
Foreign Assets Control: This list is
prepared by US Treasury that enforces economic and trade sanctions against
countries and groups of individuals involved in terrorism, narcotics and
other disreputable activities.
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46
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goAML
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It is a software system provided by United
Nations office of drugs and crime (UNODC). It is uniform software for all
Banks for reporting CTR and STR to BFIU, Bangladesh Bank through goAML web
link.
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47
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Beneficial owner
|
Who is the
actual owner of the fund or transaction should be identified in case of
individual and in case of company BO is considered 20% to above shareholding
& controller share holder. In both cases KYC with full information to be
obtained & preserved. Where necessary enhance due diligence to be
applied.
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48
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Risk based analysis
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Proper
assessment of the relevant risk of ML & CFT. To identify, assess, find out unknown
risk and understand the money laundering and terrorist financing risk to
which they are exposed and to take AML /CFT measures
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49
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SAR
|
suspicious
activity report
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50
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ARS
|
Alternate remittance system. Send money not
in proper channel. Sometimes money launderer laundering money through ARS
from one country to another country.
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