Anti-Money Laundering Definitions

The following definitions provide a comprehensive understanding of anti-money laundering regulations:

Domestic Wire Transfer: A wire transfer between two financial institutions in the same jurisdiction.
Established Business Relationship: A business relationship where a person has obtained satisfactory evidence of an applicant’s identity under specific procedures.

Family Member: The spouse, parent, sibling, or child of a politically exposed person.
Financial Group: A group consisting of a parent company and its subsidiaries subject to anti-money laundering policies.
Firm: Includes attorneys at law, accountants, or other professionals providing specific services (e.g., bookkeeping, payroll services).
Former DNFBP: An individual who has previously carried on business as a Designated Non-Financial Business or Profession (DNFBP).

Financial Action Task Force: An international task force to combat money laundering and terrorist financing.
Government Body: A government company, entity within the public service, or statutory authority in the Islands.

Fine Discretion: A Supervisory Authority’s discretion to decide whether to impose a fine and the amount of the fine.
Interest: Interest accrued or accruing on a fine.
Monetary Authority: The authority responsible for regulating financial institutions (not explicitly defined).

Give: To deliver, provide, send, or transmit a notice or information.
Insurance Business: Business of specified classes (not explicitly listed).
Intermediary Payment Service Provider: A payment service provider participating in transfers of funds without being the payer or payee.
Legal Arrangement: A trust, partnership, or other entity lacking separate legal personality.

These definitions are part of a larger regulatory framework to prevent and combat money laundering in a specific jurisdiction, the “Islands”.