KYC Knowledge

KYC GLOSSARY AND ABBREVIATIONS

THE MOST IMPORTANT KYC AND COMPLIANCE TERMS BRIEFLY EXPLAINED

  • AML stands for Anti Money Laundering
  • API stands for Application Programming Interface
  • CDD stands for Customer Due Diligence
  • ComplianceTech stands for technological aids that simplify your compliance tasks
  • EAR stands for Export Administration Regulations 
  • EDD stands for Enhanced Due Diligence Report
  • FINMA stands for financial market supervision (regulatory organisation for the Swiss financial centre)
  • FinTech (or Fintech) stands for technological tools, platforms or companies that offer digital financial solutions
  • GKG stands, in Switzerland, for Goods Control Act (Güterkontrollgesetz)
  • GKV stands, in Switzerland, for Goods Control Regulation (Güterkontrollverordnung)
  • GmeR stands for business relations with increased risks (Geschätsbeziehungen mit erhöhten Risiken)
  • GWG stands, in Switzerland, for Money Laundering Act (Geldwäschereigesetz) 
  • ICO stands for Initial Coin Offering and is an unregulated method of crowdfunding
  • ICP stands for Internal Compliance Program
  • ITAR stands for International Traffic in Arms Regulations
  • KMG stands, in Switzerland, for War Material Act (Kriegsmaterialgesetz)
  • KMV stands, in Switzerland, for War Material Ordinance (Kriegsmaterialverordnung)
  • KYB stands for Know Your Business (legal person)
  • KYC stands for Know Your Customer or Know Your Client
  • KYE stands for Know Your Employee
  • KYS stands for Know Your Supplier
  • KYP stands for Know Your Peers
  • LegalTech stands for technological aids/companies, which should simplify the handling of your legal tasks
  • OFAC stands for Office of Foreign Assets Control
  • OPEC stands for Organization of the Petroleum Exporting Countries
  • PEP stands for Political Exposed Person
  • RegTech stands for technological aids/companies which should simplify the handling of your regulatory tasks
  • SDD stands for Simplified Due Diligence
  • SHAB stands for "Schweizer Handselsamtsblatt", the federal gazette of trade
  • SECO stands, in Switzerland, for State Secretariat for Economic Affairs (Staatssekretariat für Wirtschaft)
  • SRO stands for Self Regulated Organisation
  • STO stands for Secure Token Offering
  • TGE stands for Token Generating Event
  • UBO stands for Ultimate Beneficial Owner
  • UNO stands for United Nations Organisations
  • VQF stands, in Switzerland, for Association for Quality Assurance of Financial Services (Verein zur Qualitätssicherung von Finanzdienstleistungen)

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