ECSH160000 - Glossary

Accountany Service providers (ASPs)

See Regulation 11 MLR 2017

See Money laundering supervision for accountancy service providers - GOV.UK (www.gov.uk)  for activities caught within Regulation 11

Beneficial Owner, Officer or Manager (BOOM)

Beneficial owner is defined in Regulation 5 MLR 2017

Officer is defined in Regulation 3 MLR 2017

Manager is defined in Regulation 3 MLR 2017

Business Relationship

See Regulation 4 MLR 2017

Customer Due Diligence (CDD)

See Part 3 MLR 2017

Chapter 1 MLR 2017 Customer due diligence

Chapter 2 MLR 2017 Enhanced customer due diligence

Chapter 3 MLR 2017 Simplified customer due diligence

Decision Maker (DM)

The Decision Maker (DM) is the officer in Economic Crime Supervision who has conduct of the case and will decide what action(s)/sanction(s) will be taken

Jargon Buster

The Jargon Buster - Power BI for economic crime explains commonly used acronyms

MLR 2017

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

Nominated Officer (NO)

Nominated Officer is defined in Regulation 3 MLR2017

Officer of the Business

Officer is defined in Regulation 3 MLR 2017

Policies, Controls and Procedures (PCP)

See Regulations 19, 19A, 20 and 21 MLR 2017

Politically Exposed Persons (PEPs)

See Regulation 35 MLR 2017

Relevant Activity

The business activity carried out in the United Kingdom by a specific business sector, as listed in Part 2, MLR 2017

Relevant Person

Relevant person is defined in Regulation 3 MLR 2017

Relevant Requirements

Relevant requirements are defined in Schedule 6

Risk Assessment (RA)

See  Regulation 18 and Regulation 18A MLR 2017