Key Terms & Definitions | FrankieOne

Glossary A-Z

A quick reference for other common terms.

Term	Explanation
Adverse Media	Negative news or information about an individual or entity found in reputable media sources.
AML	Anti-Money Laundering. Laws and procedures designed to combat the generation of income through illegal actions.
AML Classification	The process of categorizing AML screening results, often involving manual review to determine if a potential match is a true positive or false positive.
AML Screening	The process of checking an individual or entity against global watchlists, sanctions lists, and PEP lists.
Audit	A record of actions performed within the platform, used for tracking and compliance purposes.
Consent	Permission given by an individual for their information to be checked against various databases and external services.
Decision	A critical juncture in the workflow that determines the workflow’s status—be it PASS, FAIL, or REVIEW, based on the specific actions taken during the workflow.
Entity	A single individual or organization within the FrankieOne platform that exists separately from other entities. Entities house information about the individual or organization, primarily any personally identifiable information (PII).
IDV	Identity Verification. The process of verifying an identity, often involving document scans, liveness checks, and facial comparison.
Individual	A single person who can be verified within the FrankieOne platform. Individuals can have service profiles, workflows, and risk assessments related to them.
Issue	A problem encountered during the execution of a workflow that hinders its successful completion and necessitates manual intervention.
KYC	Know Your Customer. The mandatory process of identifying and verifying the identity of clients to prevent fraud and financial crime.
Organization	A business or non-individual entity that can be verified within the FrankieOne platform.
PEP	Politically Exposed Person. An individual with a prominent public function, who may present a higher risk for potential bribery or corruption.
Process Result	A granular piece of information used to determine the outcome of an action or step performed during a workflow.
Risk	Granular risk metrics used to determine a customer’s risk profile and identify potential money laundering activities. Entities are scored on these risk factors during workflow execution.
Sanctions	Economic or trade restrictions imposed on specific individuals, entities, or countries by governments or international bodies.
Service Profile	Provides a concise overview of an entity’s progress within the context of a specific product or service. These profiles encompass various risk levels, workflows, and statuses.
Watchlist	A list of individuals or entities subject to scrutiny under AML and sanctions regulations.
Workflow	An end-to-end process that involves a series of steps that, when triggered, will enrich or verify stored entity information. Workflows are customizable and can be built to satisfy compliance requirements.
Workflow Step	A specific action or check within a workflow, such as KYC verification, AML screening, or risk assessment.