Financial Crime World

Central African Financial Market Supervisory Commission (CAMSC) Glossary

The Central African Financial Market Supervisory Commission (CAMSC) is responsible for ensuring the effective regulation and supervision of the financial sector in Central Africa. In this context, understanding key terms related to anti-money laundering and combating the financing of terrorism (AML/CFT) is crucial.

Task Forces and Organizations

  • GABAC: The Task Force on Anti-Money Laundering in Central Africa is a critical component in the region’s efforts against money laundering.
  • FATF: The Financial Action Task Force (FATF) sets global standards for AML/CFT, influencing how countries implement these measures.
  • FSRB: FATF-Style Regional Bodies apply the FATF standards at a regional level, enhancing cooperation and consistency among member states.

Economic and Monetary Terms

  • CEMAC: The Central African Economic and Monetary Community is an economic union of six central African countries, promoting economic integration and cooperation.
  • GDP: Gross Domestic Product is a measure used to assess the economic output of a country or region.

Compliance Levels

  • HC: Highly Compliant refers to a level of compliance with AML/CFT standards that meets or exceeds expectations.
  • NC: Non-Compliant indicates failure to meet the required standards for AML/CFT.

Customer Due Diligence and Reporting

  • KYC: Know Your Customer is a process used by financial institutions to verify the identity of customers and assess their risk.
  • STR: Suspicious Transaction Report flags suspicious financial activity, helping to prevent money laundering and terrorism financing.

Business Entities

  • LC: Limited Company is a type of business entity that offers liability protection for its owners.
  • LLC: Limited Liability Company provides similar benefits but allows for more flexibility in ownership structures.
  • MFI: Microfinance Institution provides financial services to individuals or small businesses, often with lower barriers to entry.

Reports and Evaluations

  • MER: Mutual Evaluation Report assesses a country’s AML/CFT system, providing insights into its strengths and weaknesses.
  • R: Recommendation is made based on the findings of the MER, guiding improvements in the country’s AML/CFT framework.

Other Key Terms

  • CP: Penal Code
  • CRCA: Regional Commission for Insurance Supervision
  • DNA: National Insurance Directorate
  • ECCAS: Economic Community of Central African States
  • FIU: Financial Intelligence Unit collects and analyzes financial data to detect suspicious activity.
  • FP: Financing of Proliferation relates to the financing of activities related to the proliferation of weapons of mass destruction.
  • NBFI: Non-Banking Financial Institution
  • NPO: Non-Profit Organization
  • OPLLC: One-Person Limited Liability Company
  • PC: Partially Compliant
  • PEP: Politically Exposed Person
  • SAS: Simplified Joint Stock Company
  • SASU: One-Person Simplified Joint Stock Company
  • SAU: Single-member limited company
  • SCI: Real estate company
  • SRB: Self-Regulatory Body
  • TPPCR: Trade and Personal Property Credit Register
  • UMA C: Central African Monetary Union
  • UNDP: United Nations Development Programme
  • UNSCR: United Nations Security Council Resolution
  • USD: United States dollars
  • VA: Virtual Assets digital assets such as cryptocurrencies.
  • VASP: Virtual Asset Service Provider provides services related to virtual assets.
  • WCO: World Customs Organization