A
- Adverse media
- Negative mentions in news or public sources that point to reputational risk. See adverse media screening.
- AML / CFT
- Anti-Money Laundering (and Countering the Financing of Terrorism): the set of measures that keep the economic system from being used to legitimize illicit money.
B
- Beneficial owner
- The natural person who ultimately owns or controls a customer, or on whose behalf a transaction is carried out.
C
- CDD — Customer due diligence
- Measures to know and verify the customer and their beneficial owner, and to understand the nature of the relationship.
E
- Enhanced due diligence (EDD)
- Additional measures applied when the risk is higher, for example with a PEP or a high-risk jurisdiction.
F
- False positive
- A match that, after analysis, turns out not to correspond to the person or entity searched for.
- FATF and GAFILAT
- The Financial Action Task Force sets the global anti-money laundering standards; GAFILAT is its regional body for Latin America.
- FIU — Financial Intelligence Unit (UAF)
- Panama’s financial intelligence unit, known as UAF, which receives and analyzes SARs. See Panama FIU (UAF).
K
- KYB — Know Your Business
- The equivalent of KYC applied to legal entities: verifying the company and its structure.
- KYC — Know Your Customer
- Procedures to identify and assess the risk of a customer before and during the relationship. See KYC with Akifue.
- KYS — Know Your Supplier
- Due diligence applied to vendors and third parties. See vendor due diligence.
M
- Money laundering
- The process of giving an appearance of legality to funds that come from criminal activity.
O
- OFAC
- The U.S. Treasury Department’s Office of Foreign Assets Control, which administers one of the most relevant sanctions lists worldwide.
P
- PEP — Politically exposed person
- A person who holds or has held a prominent public position; it implies higher risk and enhanced due diligence. See PEP screening.
- PF — Proliferation financing
- Financing the proliferation of weapons of mass destruction; the third pillar of Law 23.
R
- RCA — Relatives and close associates
- Family members and close associates of a PEP, to whom the same scrutiny extends.
S
- Sanctions lists (restrictive lists)
- Official lists of sanctioned persons and entities (OFAC, UN, EU, UK) that must be checked. See sanctions screening.
- SAR — Suspicious activity report (ROS)
- A report that an obligated entity files with the FIU when there is reasonable suspicion of money laundering or terrorist financing. In Panama it is known as ROS.
- Score and threshold
- The score measures how similar a match is; the thresholds (FLAG, manual review) define from which score a case is escalated.
- Screening
- The act of checking a person or company against lists and risk sources to detect matches.
T
- TF — Terrorist financing
- Providing funds or resources to carry out terrorist acts, regardless of whether their origin is lawful or unlawful.
Definitions are for informational and educational purposes; they do not constitute legal advice and may simplify concepts. For official definitions, consult the regulations in force and a professional.