(Nov 13): Fintech has given rise to a host of new terms. It is impossible to list all of them, but the following are some that are widely used in the banking world.
Anti-money laundering and countering the financing of terrorism (AML/CFT) measures are defined by the Financial Action Task Force (FATF), the international standard setter in this area. The Basel Committee on Banking Supervision regularly issues guidance to facilitate banks’ compliance with their obligations in this area.
An application programming interface (API) is a set of rules and specifications followed by software programs to communicate with each other, and an interface between different software programs that facilitates their interaction.