AML – Anti Money Laundering
Used to describe the responsible person, set of rules and procedure and other connected concepts, that are associated with money laundering prevention. Due diligence
Often used in this field to describe measure for increased diligence. In other words this means procedures/steps, that are taken in order to act in conformity with the law. FIU – Finance Intelligence Unit
English language designation of the Money Laundering Information Bureau of
Estonia. Business relationship
A term, often used in the Money laundering and terrorism finance prevention act.
KYC – Know Your Client
- relationship, that are established when a long term agreement with the client is signed;
- relationships that are not based on a long term agreement, but if when signing an agreement there are reasonable reasons to believe continuous or multiple transactions during professional/commercial activities.
This is means a procedure that is carried out within a company in order to identify and verify/confirm the identity of a client prior to performing a financial operation.