A list of the most common abbreviations used by Jersey finance industry.
AIF: Alternative investment funds
AML: Anti-money laundering
ANLA: Adjusted net liquid assets
APG: Asia/Pacific Group on ML
BNI: Bearer negotiable instrument
BO: Beneficial ownership (UBO ultimate BO)
BRA: Business risk assessment
CD: Crown Dependencies
CDD: Client due diligence (see also EDD and SDD)
CFATF: Caribbean FATF
CFT: Countering financing of terrorism
CIF: Collective investment fund (see also unregulated fund)
COBO: Control of Borrowing (Jersey) Order 1958
CPF: Countering proliferation financing
CRF: Common reporting standards
DNFPB: Designated non-financial businesses and professions, may include casinos (including internet and ship-based), estate agents, dealers in precious metals or stones, lawyers and legal professionals, and trust and company service providers (TCSPs).
DP: Designated person (as defined by FATF), individuals, groups, undertakings and entities who are linked to Al-Qaida or the Taliban, or subject to a Security Council resolution or financial sanction
DPA: Deferred prosecution agreement
DSP: Designated Service Provider
EAG: Eurasian Group (of FATF)
ECCU: Economic Crime and Confiscaton Unit
EDD: Enhanced due diligence
ESAAMLG: Eastern and Southern Africa Anti-Money Laundering Group (of FATF)
ESW: Egmont secure group
FATCA: Foreign Account Tax Compliance Act
FATF: Financial Action Task Force
FI: Financial institution, can mean any natural or legal person who conducts a financial business on behalf of customers.
FIU: Financial intelligence unit
FSB: Fund services business (FSBA = agreement)
FSRB: FATF style regional bodies
GABAC: Central Africa Group of FATF (Groupe d'Action contre le blanchiment d'Argent en Afrique Centrale) (of FATF)
GAFILAT: Financial Action Task Force of Latin America for FATF (of FATF)
GIABA: Inter Governmental Action Group against Money Laundering in West Africa (of FATF)
IFC: International Finance Centre
ILOR: International letter of request
IO: Immediate outcomes - key goals for an effective AML/CFT framework which are organised by thematic goal and used to evaluate the effectiveness of a country's efforts.
JEF: Jersey expert fund
JFCU: Jersey financial crime unit, operational police unit
JFIN: Jersey financial intelligence network
JFSC: Jersey Financial Services Commission, industry regulator
JGC: Jersey
Gambling Commission
JPF: Jersey Private Fund
LEA: Law enforcement agency
LEP: Law enforcement and prosecution
LLP: Limited liability partnership
MENAFATF: Middle East and North Africa Financial Action Task Force (of FATF)
MER: Mutual Evaluation Report
MERFS: Minister External Relations and Financial Services
MLCO: ML Compliance Officer
MLO: Money Laundering (Jersey) Order 2008
MLRO: ML Reporting officer
MONEYVAL: Committee of Experts on the Evaluation of Anti-Money Laundering Measures (of FATF)
MOU: Memorandum of understanding
MSB: Money service business
MVTS: Money / value transfer service
NPO: Non-profit organisation
NRA: National risk assessment
PCC: Protected cell company
PEP: Politically exposed person
PESP: Previously exempt supervised persons
PF: Proliferation financing
POCL: Proceeds of Crime (Jersey) Law 1999
PPP: Public Private Partnership
PTCB: Private Trust Company Business
RBA: Risk-based approach
RFA: Request for assistance
SAR: Suspicious activity report
SDD: Simplified due diligence
SRB: Self-regulating body, such as a profession that regulates those who are qualified to enter and practice
SRO: Self-regulatory organisation
STR: Suspicious transaction report
TCB: Trust Company Business
TF: Terrorist Financing
UBO: Ultimate beneficial ownership
VA: Virtual asset, a digital representation of value which may be traded
VASP: Virtual Asset Service Provider
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