Anti-Money Laundering (AML)
A procedure aimed at combating the legalization (laundering) of proceeds of crime and the financing of terrorism.
Bank - Acquirer
A bank servicing transactions with bank cards.
Bank - Issuer
A bank that issued a bank card for cardholder.
A natural person who ultimately owns or controls the Company (Legal Entity) or a natural person on whose behalf a deal is being conducted.
A person who is not a direct participant in the operation, to the benefit of which the client acts, including on the basis of the Agency agreement, contracts of Commission, Commission and trust management, when conducting transactions with funds and other property.
International payment system (VISA, MasterCard, etc .)
The process of challenging by the Issuer the operation on the Bank card made by the holder in the Merchant's online store
Client Due Diligence (CDD)
A set of measures performed by the company for the purposes of AML to assest ML risk of the Client and to relevant manage and mitigate an appropriate established risk of ML.
A person (or legal entity) that uses the services provided by the Company.
Enhanced Due Diligence (EDD)
A set of additional measures aimed at a more detailed and in-depth study of the client's identification data, the economic meaning of his transactions, establishing the source of origin of funds, etc.
Financial Action Task Force on Money Laundering. An international organization that is a leader in the development of universal approaches in the field of anti money laundering. It was founded in 1989 and is still an organization whose requirements are equal to all other world regulators and central banks.
Monitoring of transactions, including with the use of specialized information systems, aimed at identifying fraud in the implementation of money transfer transactions using information technology.
Know Your Customer (KYC)
A procedure aimed at establishing all the necessary identification data about the client, with the help of which it is possible to accurately determine his location and basic personal data.
Legalization (laundering) of proceeds from crime
An attempt to create a lawful form of possession, use or disposal of funds or other property obtained as a result of a crime activity.
Money Laundering Reporting Officer (MLRO)
A dedicated employee of the company who is responsible for generating and sending SAR and other types of reports on suspicious, illegal or dubious transactions, as well as on operations aimed at money laundering and terrorist financing.
Politically exposed person (PEP)
A natural person who is or has been entrusted with prominent public functions and immediate family members or persons known to be close associates of such person.
Proceeds of crime
Money, value or other property, which was obtained in a result of the commitment of any crimes.
The procedure of issuing by the acquirer of the payment to re-pay transaction procedures after chargeback to the Issuer.
Suspective Activity Report (SAR)
A special report created by various regulators in order for companies to send in this report data on any illegal or suspicious activity of their clients, including those suspected of financing terrorism.
A transaction which is suspected to relate to either the funds derived from the illegal activities or the funds obtained in the course of the illegal activities or the terrorist financing.
Terrorist Financing (TF)
The financing or supporting of an act of terrorism and commitment thereof within the meaning of Article 1 (5) of Directive (EU) 2015/849 of the European Parliament and of the
Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC, in order to carry out any of the offences within the meaning of Articles 1 to 4 of Council Framework Decision 2002/475/JHA.
A client (legal entity) who has a contract with the Bank-Acquier to accept payments, having for this purpose an online store or not having one (Payment Facilitator, Payment Service Provider, etc).
A financial deal between a client and a company, usually in the field of e-commerce takes place using a bank card, electronic money or cryptocurrency.
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