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AML refers to laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.

AML/CFT refers to the combined efforts to prevent both money laundering and terrorist financing.

CFT refers to the laws, regulations, and practices designed to prevent and detect the funding of terrorist activities.

Counter Proliferation Financing refers to measures designed to prevent the funding of weapons of mass destruction (WMD), their delivery systems, and related materials.

CDD is the process of identifying and verifying the identity of clients and assessing their potential risks in terms of money laundering or terrorist financing.

EDD is an elevated form of due diligence applied to higher-risk clients or transactions, involving more rigorous scrutiny and monitoring.

External reporting involves submitting formal reports of suspicious activities to the relevant authorities outside the organisation.

FATF is an intergovernmental organisation that sets global standards for combating money laundering and terrorist financing.

Inherent risk is the level of risk intrinsic to a business activity or client relationship before the implementation of any control measures.

Internal reporting refers to the process by which employees report suspicious activities to the designated person (usually the MLRO) within their organisation.

KYC is a standard due diligence process used by businesses to verify the identity and assess the risks associated with maintaining a business relationship with a client.