SolvedECSH160000 | Glossary
From HM Revenue & Customs · Economic Crime Supervision Handbook
Accountancy Service Providers (ASPs)
See Money laundering supervision for accountancy service providers - GOV.UK (www.gov.uk) for activities caught within Regulation 11
Beneficial Owner, Officer or Manager (BOOM)
Beneficial owner is defined in Regulation 5 MLR 2017
Officer is defined in Regulation 3 MLR 2017
Manager is defined in Regulation 3 MLR 2017
Business Relationship
Customer Due Diligence (CDD)
See Part 3 MLR 2017
Chapter 1 MLR 2017 Customer due diligence
Chapter 2 MLR 2017 Enhanced customer due diligence
Chapter 3 MLR 2017 Simplified customer due diligence
Decision Maker (DM)
The Decision Maker (DM) is the officer in Economic Crime Supervision who has conduct of the case and will decide what action(s)/sanction(s) will be taken
Jargon Buster
The Jargon Buster - Power BI for economic crime explains commonly used acronyms
MLR 2017
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
Nominated Officer (NO)
Nominated Officer is defined in Regulation 3 MLR2017
Officer of the Business
Officer is defined in Regulation 3 MLR 2017
Policies, Controls and Procedures (PCP)
See Regulations 19, 19A, 20 and 21 MLR 2017
Politically Exposed Persons (PEPs)
Relevant Activity
The business activity carried out in the United Kingdom by a specific business sector, as listed in Part 2, MLR 2017
Relevant Person
Relevant person is defined in Regulation 3 MLR 2017
Relevant Requirements
Relevant requirements are defined in Schedule 6
Risk Assessment (RA)
See Regulation 18 and Regulation 18A MLR 2017
Sole practitioner or sole trader
Both terms are used in MLR 2017 without further definition. You may also come across the term ‘sole proprietor’. In all cases this means an individual engaged in business on their own and where they have not registered a company or set up any other structure such as a partnership or trust.