GLOSSARYG
Glossary
account A business relationship between a financial institution and its customer.
alternative remittance systems Also called parallel or underground banking systems. They are unregulated, uninsured, and unmonitored systems that often do not maintain any documentation. Usually they involve fund transfers. These are typically ethnic based and go by different names according to the country/culture. In Pakistan it is referred to as a hawala; in India, a hundi; and in China, fei ch’ien.
AML Anti-money laundering.
appropriate authorities Sometimes referred to as competent authorities. This is a term for regulators, accrediting institutions, certain law enforcement agencies, and officials and prosecutorial agencies.
audit Reviewing ...
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