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Fa Fe Fi

False Negative

False Negative in the matter of financial crime and money laundering is either (1) a ‘hit’ identified during the screening process as a potential alert, but is dismissed, when in fact there is a match to a target named on a sanctions list; or (2) screened activity that would have generated a hit if the

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False Positive

False positive in the financial crime and Anti-Money Laundering contexts is a ‘hit’ identified during the screening process as a possible red flag alert, but when reviewed by a Money Laundering Reporting Officer (MLRO) or compliance personnel of an obliged financial entity, is found not to be a match to a target named on a

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Federal Financial Supervisory Authority (BaFin)

Federal Financial Supervisory Authority or ‘BaFin‘ is Germany’s financial regulatory authority overseeing Germany’s financial markets and service providers. Formed in 2002 after the passing of the Financial Services and Integration Act, BaFin falls under the supervision of the Federal Ministry of Finance and is responsible for regulating 2,700 banks, 800 financial services institutions, and over

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Fiat Currency

Fiat currency serves as the lifeblood of contemporary economies, pivotal in facilitating transactions, fostering economic growth, and responding to crises. In this article, we delve into the concept of fiat currency, exploring its definition, historical context, examples, and the advantages it offers in times of financial turbulence. So, if you want to know the answer

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Financial Action Task Force (FATF)

The Financial Action Task Force (FATF), established by the Group of Seven industrial nations, is a global force in the fight against money laundering, terrorist financing and proliferation financing. This text delves into the role and significance of FATF, examining its functions, international influence, and recent initiatives to address emerging challenges, particularly in cryptocurrency and

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Financial Conduct Authority (FCA)

The Financial Conduct Authority or ‘FCA’ – formed in 2013 – is the United Kingdom’s financial regulatory authority overseeing U.K. financial markets and “58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the United Kingdom”. An independent agency, the FCA has the power to

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Financial Crimes Enforcement Network (FinCEN)

The Financial Crimes Enforcement Network or ‘FinCEN’ is a U.S. agency – bureau of the Treasury Department – that fights financial crime. Its motto is “follow the money”. This Financial Intelligence Unit (FIU) supports local, state, federal and international law enforcement investigations to safeguard the financial system from illicit use and to fight against money

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Financial Stability Board (FSB)

What is Financial Stability Board As stated in its Charter, the FSB coordinates “at the international level the work of national financial authorities and international standard setting bodies (SSBs) in order to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies.” The FSB Plenary is a meeting between all its member jurisdictions

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Financial Stability Institute (FSI)

What is Financial Stability Institute (FSI) The Financial Stability Institute (FSI) is a body created by the Bank for International Settlements (BIS) and the Basel Committee on Banking Supervision to assist Central Banks and financial sector regulatory and supervisory authorities (supervisors) around the world in improving and strengthening their coordination by providing them with information

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Financial Stability Oversight Council (FSOC)

What is Financial Stability Oversight Council (FSOC) FSOC is a US federal government organisation entrusted to identify risks to the US financial sector stemming from large banks, financial holding companies and non-bank financial companies.  FSOC Responsibilities FSOC Publications Annual reports FSOC Virtual asset related reports Report on Digital Asset Financial Stability Risks and Regulation FSOC

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