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AML/CTF Acronyms & Common Terms Guide

Acronym / TermMeaning
ACRAnnual Compliance Report
AMLAnti-Money Laundering
AML/CTFAnti-Money Laundering and Counter-Terrorism Financing
APPAustralian Privacy Principle
ATOAustralian Taxation Office
AUSTRACAustralian Transaction Reports and Analysis Centre
BNIBearer Negotiable Instrument
CBMCross-Border Movement Report
CDDCustomer Due Diligence
CTFCounter-Terrorism Financing
DVSDocument Verification Service
ECDDEnhanced Customer Due Diligence
EDDEnhanced Due Diligence
FATFFinancial Action Task Force
FCGWTForeign Resident Capital Gains Withholding Tax
FIUFinancial Intelligence Unit
IDIdentification
KYCKnow Your Client / Know Your Customer
LPPLegal Professional Privilege
MLMoney Laundering
ML/TF RiskMoney Laundering / Terrorism Financing Risk
OCDDOngoing Customer Due Diligence
PEPPolitically Exposed Person
PDDPersonnel Due Diligence
PFProliferation Financing
POIProof of Identity
ROCRisk Ownership and Control
SMRSuspicious Matter Report
SOFSource of Funds
SOWSource of Wealth
TFTerrorism Financing
TTRThreshold Transaction Report
UBOUltimate Beneficial Owner
VOIVerification of Identity
KYC RefreshPeriodic re-verification of client information and risk profile
Adverse MediaNegative news or media reporting relating to a client or related party
Beneficial OwnerThe individual who ultimately owns or controls a company, trust or arrangement
Designated ServiceA service regulated under the AML/CTF Act requiring compliance obligations
Enhanced MonitoringAdditional scrutiny applied to higher-risk clients or transactions
High Risk ClientA client assessed as presenting elevated AML/CTF risk requiring additional checks
Risk AppetiteThe level and type of AML/CTF risk a firm is willing to accept
Sanctions ScreeningChecks against Australian and international sanctions lists
Threshold TransactionA physical cash transaction of AUD $10,000 or more
Tipping OffImproperly informing a client that a suspicious matter report or investigation may exist