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Notes 1

The document outlines various processes and regulations related to transaction monitoring, money laundering, and financial compliance. Key concepts include lookback reviews, currency transaction reports, and the definitions of terrorist financing, sanctions, and customer screening. It also discusses the importance of periodic reviews in KYC and the distinctions between private and public limited companies.

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3 views1 page

Notes 1

The document outlines various processes and regulations related to transaction monitoring, money laundering, and financial compliance. Key concepts include lookback reviews, currency transaction reports, and the definitions of terrorist financing, sanctions, and customer screening. It also discusses the importance of periodic reviews in KYC and the distinctions between private and public limited companies.

Uploaded by

shubham
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Transac on Monitoring is a mandatory process

For any organiza on that falls within the remit


Of the money laundering regula on.
Lookback review is a detailed examina on of
Past financial transac on conducted by an
ins tu on to iden ty any sign of money laundering
or fraudulent ac vi es that any have been missed.
CTR Currency transac on report must be filed for
each currency transac on deposit or withdrawal of
more than $10000 by through or to the bank.
Terrorist financing refers to the process of
providing financial resource or support to
individual or organiza on involved in terrorism.
This can include the collec on, transfer, or use of
fund to support terrorist ac vi es such as
planning, training, recrui ng, or carrying out
a acks.
Cross border transac on refers to any financial or
commercial transac on that takes place between
par es in different countries or jurdica ons.
SOF is the origin of a person’s money or financial
assets. Ex. Personal saving, Shares sales and
Dividends.
SOW refers to the means by which a person has
acquired their en re body of wealth. Ex.
Investments.
Sanc ons legal restric ons imposed by
governments or interna onal bodies to limit or
prohibit trade, financial transac ons, or other
ac vi es with specific countries, en es, or
individuals.
Sanc on screening the process of checking
customers, transac ons, or partners against
sanc ons lists to ensure compliance with those
restric ons.
Customer screening is the process of checking and
evalua ng a poten al customer’s iden ty,
background, and risk level before doing business
with them, to prevent fraud, money laundering, or
other illegal ac vi es.
SAR is a report filed to authori es about suspected
illegal or unusual financial ac vity.
Mules are people who move illegal money through
their accounts to help criminals hide its source.
Periodic Review in KYC is the regular re-verifica on
of a customer’s informa on to ensure it is s ll
accurate, up to date, and compliant with
regulatory requirements.
SPV a separate legal en ty created for a specific
purpose, whose ownership and beneficiaries are
verified during KYC. Benefits Risk isola on, be er
funding structure. Risks Complex ownership,
possible misuse for money laundering.
DOBO A formal statement provided by a company
disclosing the details of its ul mate beneficial
owners, including individuals or en es that
directly or indirectly own or control the company,
along with their respec ve ownership percentages.
Private Limited Company Owned privately, limited
shareholders, shares not publicly traded.
Public Limited Company Owned by the public,
unlimited shareholders, shares traded on stock
market.

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