Knowledge Based Authentication – a process of verifying the identity of an individual by asking questions that should be difficult for anyone else to answer, also known as out-of-wallet questions
Anti-Money-Laundering – a collection of regulations intended to prevent money laundering activities across finance, gaming industries as well as others.
PEP Politically Exposed Persons
– a list containing heads of state for foreign countries, associated with AML regulations.
Know Your Customer – a series of regulations associated with red flag compliance which requires banks and other financial services companies to perform due diligence to verify the identity of their customers and clients.
OFAC Office of Foreign Assets and Controls
– generally relates to a sanctions list focused on preventing financial support for terrorist activities.
System for Award Management – a system that registers individuals or entities that are qualified for, or barred from, participation with select government programs or grants. Consolidates multiple sources, including EPLS (the excluded parties list system) which is now considered a legacy system.
Limited Denial of Participation – an exclusion list specific to the US Govt. Housing and Urban Development (HUD) program.
Bank Secrecy Act – A law that authorizes information sharing between entities focusing on the prevention of money laundering and terrorist financial support.
FinCEN Financial Crimes Enforcement Network
– A system that shares information from the financial industry combined with Law Enforcement data regarding individuals and organizations associated with illegal financial activities. The authority to collect and share this information comes from the BSA.