| Term | Definition |
|---|
| Beneficial owners | see chapter 4.7 |
| Business relationship | a business, professional or commercial relationship between a relevant person and a customer, which is expected by the relevant person at the time when contact is established to have an element of duration |
| Customer due diligence | see chapter 4 |
| Criminal conduct | conduct which constitutes an offence in any part of the UK or would constitute an offence in any part of the UK if it occurred there – see s340(2) of POCA |
| Criminal property | property which is, or represents, a person's benefit from criminal conduct, where the alleged offender knows or suspects that it is such – see also the definition of property |
| Disclosure | a report made to SOCA under the Proceeds of Crime Act 2002 – also referred to as a suspicious activity report (SAR) |
| Insolvency practitioner | any person who acts as an insolvency practitioner within the meaning of section 388 of the Insolvency Act 1986 (as amended) or article 3 of the Insolvency (Northern Ireland) Order 1989 (as amended) |
| Inter vivos trust | a trust which takes effect while a person is alive |
| Legal professional privilege | see chapter 6.4 |
| Nominated officer | a person nominated within the firm to make disclosures to SOCA under the Proceeds of Crime Act 2002 – also referred to as a money laundering reporting officer (MLRO) |
| Occasional transaction | a transaction (carried out other than as part of a business relationship) amounting to 15,000 euros or more, whether the transaction is carried out in a single operation or several operations which appear to be linked |
| Ongoing monitoring | see chapter 4.4 |
| Overseas criminal conduct | conduct which occurs overseas that would be a criminal offence if it occurred in the UK does not include conduct which occurred overseas where it is known or believed on reasonable grounds that the relevant conduct occurred in a particular country or territory outside the UK, and such conduct was in fact not unlawful under the criminal law then applying in that country or territory that exemption will not apply to overseas criminal conduct if it would attract a maximum sentence in excess of 12 months imprisonment were the conduct to have occurred in the UK will always be exempt if the overseas conduct is such that it would constitute an offence under the Gaming Act 1968, the Lotteries & Amusements Act 1976 or s23 or s35 of the Financial Services and Markets Act 2000
see s102 of SOCPA |
| Politically exposed persons | see chapter 4.9.2 |
| Privileged circumstances | see chapter 6.5 |
| Property | all property whether situated in the UK or abroad, including money, real and personal property, things in action, intangible property and an interest in land or a right in relation to any other property. |
| Regulated sector | activities, professions and entities regulated for the purposes of AML/CTF obligations – see chapter 1 |
| Tax adviser | a firm or sole practitioner who, by way of business, provides advice about the tax affairs of another person, when providing such services |
| Terrorist property | money or other property which is likely to be used for the purposes of terrorism, the proceeds of the commission of acts of terrorism and the proceeds of acts carried out for the purposes of terrorism |
| Trust or company service provider | a firm or sole practitioner who by way of business provides any of the following services to other persons: - forming companies or other legal persons
- acting or arranging for another person to act
- as a director or secretary of a company;
- as a partner of a partnership; or
- in a similar position in relation to other legal persons;
- providing a registered office, business address, correspondence or administrative address or other related services for a company, partnership or any other legal person or arrangement;
- acting, or arranging for another person to act, as:
- a trustee of an express trust or similar legal arrangement; or
- a nominee shareholder for another person other than a company listed on a regulated market when providing such services.
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