A
Account Holder
An account holder is the individual or entity that owns and controls a financial account.
Anti-Money Laundering (AML)
Regulations, laws and procedures aimed at preventing criminals from disguising illegally obtained funds as legitimate income, often through KYC/KYB processes.
Adverse Media Screening
Searching for negative news about a client that may indicate involvement in financial crime or reputational risk.
Atfinity’s AI-Powered Rule Engine
An AI-driven no-code rule engine that automates complex banking rules and policies as part of end-to-end process orchestration.
B
Background Check
A background check is the process of investigating an individual's or entity's history and activities to verify their identity, qualifications, and potential risks.
Beneficial Owner
The real person who ultimately owns, controls or benefits from a company or transaction, even if their name is not officially recorded.
C
Customer Due Diligence (CDD)
The process of identifying customers and verifying their identity, understanding the nature of their activity, and assessing money laundering risks.
Client Remediation
Client remediation refers to the process of updating and correcting information, documentation and risk assessments for clients when deficiencies, gaps or inconsistencies are identified, often through KYC reviews or regulatory examinations.
Client Risk Assessment
Evaluating the potential risk a client poses in terms of financial crime, based on factors like jurisdiction, products used, transaction patterns, etc.
Client Lifecycle Management
Managing the entire relationship with a client, from initial onboarding through ongoing services, periodic reviews, and eventual offboarding.
F
FATF (Financial Action Task Force)
The global money laundering and terrorist financing watchdog that sets international standards to prevent illegal activities.
FATCA
FATCA is a U.S. law requiring foreign financial institutions to report accounts held by U.S. taxpayers to the IRS.
H
High Net Worth Individual (HNWI)
A high net worth individual (HNWI) is a person with at least $1 million in liquid financial assets.
K
Know Your Business (KYB)
Similar to KYC but for business clients, verifying a company's identity, ownership structure, and legitimacy to assess risk before engaging in transactions.
Know Your Customer (KYC)
The process of verifying a customer's identity and assessing their risk before entering into a business relationship, in order to prevent financial crimes.
L
Loan Origination
Loan origination is the process of applying for and obtaining a loan from a lender.
N
No-code
No-code is a software development approach that allows users to create applications without writing code.
Neobank
A neobank is a digital-only bank offering services exclusively through mobile apps and online platforms.
O
Onboarding
The process of bringing a new client into a business relationship, including collecting necessary information, performing background checks, and setting up accounts.
P
Process Automation
Process automation involves using technology to execute business processes with reduced human intervention.
Process Orchestration
Process orchestration is the automated coordination and management of tasks, data, and systems to streamline end-to-end business processes.
Perpetual KYC
Continuous monitoring and regular reviews of client information to ensure KYC information remains up-to-date.
Private Bank
A financial institution that provides personalized banking, investment, and wealth management services to high-net-worth individuals.
PEPs (Politically Exposed Persons)
Individuals entrusted with prominent public functions, who may present a higher risk for potential involvement in bribery and corruption.
R
Rule Engine
A software component that executes business rules and decision logic separately from application code.
Regulatory Compliance
Conforming to the laws, regulations, guidelines and specifications relevant to a business, including requirements from financial regulators.
Risk-Based Approach
Focusing compliance efforts and resources on the areas of highest risk, as determined through risk assessments.
S
Source of Funds (SoF)
Documentation and information regarding the origin of the particular funds or assets involved in a transaction.
Sanctions Screening
Checking clients and transactions against official sanctions lists to avoid doing business with prohibited individuals, organizations or countries.
Source of Wealth (SoW)
Documentation and information that proves the origin of a client's entire body of wealth.
T
Transaction Monitoring
Observing financial transactions to identify unusual or suspicious patterns that may indicate money laundering or other illegal activity.
U
Ultimate Beneficial Owner (UBO)
The individual at the end of the ownership chain who ultimately controls or benefits from an entity.
Ultra High Net Worth Individual (UHNWI)
An ultra high net worth individual (UHNWI) is a person with investable assets of at least $30 million.
Join the Future of Banking
Book your demo today and see why leading financial institutions
worldwide trust Atfinity to drive their digital transformation.
Join the Future of Banking
Book your demo today and see why leading financial institutions worldwide trust Atfinity to drive their digital transformation.