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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

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Finance industry abbreviations and terms

​A list of the most common abbreviations used by Jersey finance industry.

AIF: Alternative investment funds

AML: Anti-money laundering

ANLA: Adjusted net liquid assets

APG: Asia/Pacific Group on ML

BNI: Bearer negotiable instrument

BO: Beneficial ownership (UBO ultimate BO)

CD: Crown Dependencies

CDD: Client due diligence (see also EDD and SDD)

CFATF: Caribbean FATF

CFT: Countering financing of terrorism

CIF: Collective investment fund (see also unregulated fund)

CPF: Countering proliferation financing

DNFPB: Designated non-financial businesses and professions, may include casinos (including internet and ship-based), estate agents, dealers in precious metals or stones, lawyers and legal professionals, and trust and company service providers (TCSPs).

DP: Designated person (as defined by FATF), individuals, groups, undertakings and entities who are linked to Al-Qaida or the Taliban, or subject to a Security Council resolution or financial sanction.

DSP: Designated Service Provider

EAG: Eurasian Group (of FATF)

EDD: Enhanced due diligence

ESAAMLG: Eastern and Southern Africa Anti-Money Laundering Group (of FATF)

ESW: Egmont secure group

FATF: Financial Action Task Force

FI: Financial institution, can mean any natural or legal person who conducts a financial business on behalf of customers.

FIU: Financial intelligence unit

FSB: Fund services business (FSBA = agreement)

FSRB: FATF style regional bodies

GABAC: Central Africa Group of FATF (Groupe d'Action contre le blanchiment d'Argent en Afrique Centrale) (of FATF)

GAFILAT: Financial Action Task Force of Latin America for FATF (of FATF)

GIABA: Inter Governmental Action Group against Money Laundering in West Africa (of FATF)

IFC: International Finance Centre

ILOR: International letter of request

IO: Immediate outcomes - key goals for an effective AML/CFT framework which are organised by thematic goal and used to evaluate the effectiveness of a country's efforts.  

JEF: Jersey expert fund

JFCU: Jersey financial crime unit, operational police unit

JFIU: Jersey financial intelligence unit

JFSC: Jersey Financial Services Commission, industry regulator

JGC: Jersey Gambling Commission

JPF: Jersey Private Fund

LEA: Law enforcement agencies

LEP: Law enforcement and prosecution

LLP: Limited liability partnership

MENAFATF: Middle East and North Africa Financial Action Task Force (of FATF)

MERFSMinister External Relations and Financial Services

MLCO: ML Compliance Officer (ultimately responsible for any breaches)

MLRO: ML Reporting officer, junior to MLCO (reports ML/TF via SARs)

MONEYVAL: Committee of Experts on the Evaluation of Anti-Money Laundering Measures  (of FATF)

MOU: Memorandum of understanding

MSB: Money service business

MVTS: Money / value transfer service

NPO: Non-profit organisation

PCC: Protected cell company

PEP: Politically exposed person

PESP: Previously exempt supervised persons

PF: Proliferation financing

PPP: Public Private Partnership

PTCB: Private Trust Company Business

RBA: Risk-based approach

RFA: Request for assistance

SAR: Suspicious activity report

SDD: Simplified due diligence

SRB: Self-regulating body, such as a profession that regulates those who are qualified to enter and practice

SRO: Self-regulatory organisation

STR: Suspicious transaction report

TCB: Trust Company Business

TF: Terrorist Financing

UBO: Ultimate beneficial ownership

VA: Virtual asset, a digital representation of value which may be traded

VASP: Virtual Asset Service Provider


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