AML Terms
Decoding Australia’s AML terminology
Partnership
Table of Contents Partnership Explained — At a Glance Meaning: A partnership is an association of persons, other than a company or limited partnership, carrying on business as partners or receiving income jointly, or it can be a limited partnership. Why it matters for Tranche 2: Many law firms, accounting firms, and advisory practices operate as partnerships, so your AML
Partnership
Table of Contents Partnership Explained — At a Glance Meaning: A partnership is an association of persons, other than a company or limited partnership, carrying
Money Mule
Table of Contents Box In simple terms: A money mule is someone who moves illegally acquired money on behalf of
Money Laundering
Table of Contents Money Laundering Key Insights In simple terms: Money laundering is turning proceeds of crime into funds or
KYC Information
Table of Contents Quick KYC Information Snapshot In simple terms: KYC information is the set of facts you collect and
Key Personnel
Table of Contents Overview of Key Personnel In simple terms: Key personnel are the people who can materially influence an
Know Your Customer
Table of Contents Quick Guide to International Organisation PEPs Also known as: KYC, customer identification procedures Meaning in AUSTRAC language:
International Organisation Politically Exposed Person
Table of Contents At-a-Glance Overview of IFTI Also known as: International organisation PEP, IO PEP Meaning: An individual entrusted with
International Funds Transfer Instruction
Table of Contents Summary Box Also known as: IFTI Meaning: An instruction to transfer money or property from Australia to
Governing Body
Table of Contents Key Facts About Governing Bodies Meaning: The governing body is the person or group primarily responsible for
Foreign Politically Exposed Person
Table of Contents Foreign PEP – Basic Overview Meaning: A foreign politically exposed person, or foreign PEP, is an individual