AML Terms

Table of Contents Partnership Explained — At a Glance Meaning: A partnership is an association of persons, other than a company or limited partnership, carrying

Table of Contents Box In simple terms: A money mule is someone who moves illegally acquired money on behalf of someone else, often to hide

Table of Contents Money Laundering Key Insights In simple terms: Money laundering is turning proceeds of crime into funds or assets that appear legitimate. Why

Table of Contents Quick KYC Information Snapshot In simple terms: KYC information is the set of facts you collect and verify to identify a customer

Table of Contents Overview of Key Personnel In simple terms: Key personnel are the people who can materially influence an entity’s finances and operations, so

Table of Contents Quick Guide to International Organisation PEPs Also known as: KYC, customer identification procedures Meaning in AUSTRAC language: Customer identification procedures, known as

Table of Contents At-a-Glance Overview of IFTI Also known as: International organisation PEP, IO PEP Meaning: An individual entrusted with a prominent public function, position

Table of Contents Summary Box Also known as: IFTI Meaning: An instruction to transfer money or property from Australia to another country, or into Australia

Table of Contents Key Facts About Governing Bodies Meaning: The governing body is the person or group primarily responsible for governance and executive decisions of

Table of Contents Foreign PEP – Basic Overview Meaning: A foreign politically exposed person, or foreign PEP, is an individual who holds a prominent office