Abbreviations from the offshore world

Abbreviations

AML

Anti Money Laundering: rules against money laundering that banks, agents and notaries apply.

BO / UBO

Beneficial Owner or Ultimate Beneficial Owner: the natural person who owns or controls the company in the end.

CFC

Controlled Foreign Company: tax rules in many countries for companies abroad that residents control.

CFT

Combating the Financing of Terrorism.

CoGS

Certificate of Good Standing.

CoI

Certificate of Incorporation.

CRS

Common Reporting Standard: the OECD standard under which banks report accounts of foreign clients automatically.

EMI

Electronic Money Institution: a payment institution with IBAN and cards, often used by international companies.

EOIR

Exchange of Information on Request: the OECD standard for exchanging tax information on request.

FATCA

Foreign Account Tax Compliance Act: US law on reporting accounts of US persons abroad.

FIU

Financial Intelligence Unit: the authority that receives reports of suspicious transactions.

FSA

Financial Services Authority: the financial regulator of the Seychelles.

IBAN

International Bank Account Number.

IBC

International Business Company, the company form under the IBC Act, 2016.

KYC

Know Your Customer: verification of identity and address before a business relationship.

M&A

Memorandum and Articles of Association, the constitution of the company.

NIN

National Identification Number, recorded in the register of beneficial owners.

OECD

Organisation for Economic Co-operation and Development.

PEP

Politically Exposed Person: someone with a prominent public function, or close to such a person.

POA

Power of Attorney.

RA

Registered Agent: the licensed service provider every IBC must have.

SCR

Seychelles rupee, the currency of the Seychelles.

TIN

Tax Identification Number.

VASP

Virtual Asset Service Provider: crypto services, licensed under the VASP Act, 2024.

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