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Clearing

Exchange of payment instructions before settlement.

Credit agreement

Agreement where payment is deferred or money is lent under credit law.

Credit bureau

Entity collecting and reporting credit information.

Credit provider

Person or business extending regulated credit.

Customer due diligence

Checks to identify and understand a client for AML purposes.

Debt counsellor

NCR-registered person assisting consumers under debt review.

FICA compliance

Anti-money-laundering duties under the Financial Intelligence Centre Act.

Financial services provider

Business authorised to give financial advice or intermediary services.

National Payment System

Regulated payment, clearing, and settlement system.

Payment settlement

Final discharge of payment obligations between participants.

Reckless credit

Credit granted without proper affordability assessment.

Suretyship

Promise to pay another persons debt if they default.

Suspicious transaction report

Report to the FIC when money-laundering indicators arise.

Treating Customers Fairly

Financial-market conduct principle for fair treatment of customers.

Core definitions

Core terms in this track

Credit agreement

Agreement where payment is deferred or money is lent under credit law.

Credit bureau

Entity collecting and reporting credit information.

Credit provider

Person or business extending regulated credit.

Customer due diligence

Checks to identify and understand a client for AML purposes.

FICA compliance

Anti-money-laundering duties under the Financial Intelligence Centre Act.

Financial services provider

Business authorised to give financial advice or intermediary services.

Reckless credit

Credit granted without proper affordability assessment.

Suretyship

Promise to pay another persons debt if they default.

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Clearing

Exchange of payment instructions before settlement.

Credit agreement

Agreement where payment is deferred or money is lent under credit law.

Credit bureau

Entity collecting and reporting credit information.

Credit provider

Person or business extending regulated credit.

Customer due diligence

Checks to identify and understand a client for AML purposes.

Debt counsellor

NCR-registered person assisting consumers under debt review.

FICA compliance

Anti-money-laundering duties under the Financial Intelligence Centre Act.

Financial services provider

Business authorised to give financial advice or intermediary services.

National Payment System

Regulated payment, clearing, and settlement system.

Payment settlement

Final discharge of payment obligations between participants.

Reckless credit

Credit granted without proper affordability assessment.

Suretyship

Promise to pay another persons debt if they default.

Suspicious transaction report

Report to the FIC when money-laundering indicators arise.

Treating Customers Fairly

Financial-market conduct principle for fair treatment of customers.

Related resources

Resources connected to this track

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Checklist

Credit And Finance Checklist

Credit And Finance Checklist for preparing documents, facts, dates, and questions connected to banking and finance.