Glossary

An offshore account is a bank or investment account held in a country other than the one where the account holder lives or is based, often in a place chosen for its tax or privacy rules.

Ongoing monitoring is the continuing work of scrutinising a customer's transactions and keeping their information current, to confirm activity fits what the firm knows and to update the risk assessment when it does not.

Organisational culture is the shared set of values, beliefs, habits and unwritten rules that shape how people in an organisation behave and decide, especially when nobody is checking.

Outsourcing risk is the risk of loss, disruption or regulatory breach that arises when an organisation hands a function or service to an outside provider but stays responsible for the result.