Financial Crime World

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Definitions

The following definitions are used throughout this document:

Business Group Definitions

  • Specified business group: has the meaning given under Clause 5
  • Specified financial group: has the meaning given under Clause 4

Customer and Politically Exposed Person (PEP) Definitions

  • Specified customer: means an individual who is, or has been at any time in the last 12 months, a politically exposed person.

Service Provider Definitions

  • Specified services: services that involve:
    • The acceptance of currency, cheques, other monetary instruments, or other stores of value
    • The payment of a corresponding sum in currency or other form to a beneficiary by means of a communication, message, or transfer or through a clearing network to which the provider of the service belongs.
  • Specified services is defined for the purposes of Recommendations 10, 14, and 16 of the FATF Standards.

Virtual Currency Definitions

  • Strategic information: has the meaning given under Clause 8
  • Virtual currency: a digital representation of value that can be used as a form of payment or investment, but does not have legal tender.
  • The use of the term virtual currency is not new, and it is also defined under Section 2 of the Anti-Money Laundering Act 2008. It is defined for the purposes of Recommendations 3, 4, 5, 6, 30, 31, 33, and 38 of the FATF Standards.

Virtual Currency Exchange Service Provider Definitions

  • Virtual currency exchange: an entity that facilitates the transfer of virtual currency from one person to another.
  • The use of the term virtual currency exchange is not new, and it is also defined under Section 2 of the Anti-Money Laundering Act 2008. It is defined for the purposes of Recommendations 3, 4, 5, 6, 30, 31, 33, and 38 of the FATF Standards.
  • Virtual currency exchange service provider: a person who provides specified services in relation to virtual currencies.
  • The use of the term virtual currency exchange service provider is not new, and it is also defined under Section 2 of the Anti-Money Laundering Act 2008. It is defined for the purposes of Recommendations 3, 4, 5, 6, 30, 31, 33, and 38 of the FATF Standards.
  • Virtual currency exchange service provider includes a person who provides specified services in relation to non-fungible tokens.
  • The use of the term non-fungible token is not new, and it is also defined under Section 2 of the Anti-Money Laundering Act 2008. It is defined for the purposes of Recommendations 3, 4, 5, 6, 30, 31, 33, and 38 of the FATF Standards.