glossary
Explore Quick Definitions
of Financial Terminology
Source of Wealth (SoW)
Documentation and information that proves the origin of a client's entire body of wealth.
Special Interest Entities (SIE)
A Special Interest Entity (SIE) refers to a legal entity that has been accused of, convicted of, or is undergoing trial for serious criminal activities.
Special Interest Persons (SIP)
Special Interest Persons or SIPs are individuals who are being suspected or convicted of criminal activities.
Standard Due Diligence
Standard Due Diligence is the most common form of Customer Due Diligence that is used when a customer is low-to-medium risk.
Straight Through Processing (STP)
Straight Through Processing or STP refers to automated end-to-end processing of transactions.
Strong Customer Authentication (SCA)
Strong Customer Authentication (SCA) is a regulatory requirement under the PSD2 regarding added security during electronic payments.
Suspicious Activity Report (SAR)
A Suspicious Activity Report (SAR) is a report that financial institutions must make when they observe suspicious customer activity.
Third-Party Risk Management (TPRM)
Third-party risk management (TPRM) refers to identifying and making decisions based on the potential risk a given vendor presents.
Three-Domain (3D) Secure
Three-Domain Secure, or 3D Secure, is a security protocol designed to protect online credit and debit card transactions.
Tokenization
Tokenization is the process of replacing sensitive data with a unique non-sensitive equivalent called a token.
Transaction Monitoring
Observing financial transactions to identify unusual or suspicious patterns that may indicate money laundering or other illegal activity.
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.
Underwriting
Underwriting is the process by which a bank or financial institution evaluates the risk and financial viability of a customer.
Video KYC
Video KYC refers to the process of verifying a person’s identity through a video call. This allows for a fully digital onboarding.
Virtual Asset Service Provider (VASP)
A Virtual Asset Service Provider (VASP) is a natural person or business that facilitates services related to virtual assets.
Watchlist Screening
Watchlist screening is the process of comparing customer data against official watchlists to identify potential risk.
Wealth Management
Wealth management is a service aimed at high-net worth individuals and affluent clients that provides them with tailored financial advice.
Wealth Preservation
Wealth preservation is a set of strategies and financial practices that are executed to protect and maintain the wealth of a given client.
Workflow Automation
The design and implementation of processes that operate with little to no human intervention.
Workflow Engine
A workflow engine is a software component that orchestrates the flow of different steps of a given process or workflow.
Workflow Management
Workflow management refers to the process of analyzing, monitoring, and adapting how individual processes are performed.
eKYC
Electronic Know Your Customer (eKYC) refers to the digital process of identifying and verifying customers and performing background checks.
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