Financial institutions means any natural or legal person who conducts as a business one or more of the following activities or operations for or on behalf of a customer:
1- Acceptance of deposits and other repayable funds from the public.1
3- Financial leasing.3
4- Money or value transfer services.4
5- Issuing and managing means of payment (e.g. credit and debit cards, cheques, traveller’s cheques, money orders and bankers’ drafts, electronic money).
6- Financial guarantees and commitments.
7- Trading in:
(a) money market instruments (cheques, bills, certificates of deposit, derivatives etc.);
(b) foreign exchange;
(c) exchange, interest rate and index instruments;
(d) transferable securities;
(e) commodity futures trading.
8- Participation in securities issues and the provision of financial services related to such issues.
9- Individual and collective portfolio management.
10- Safekeeping and administration of cash or liquid securities on behalf of other persons.
11- Otherwise investing, administering or managing funds or money on behalf of other persons.
12- Underwriting and placement of life insurance and other investment related insurance118.
13- Money and currency changing.
- This also captures private banking.
- This includes inter alia: consumer credit; mortgage credit; factoring, with or without recourse; and finance of commercial transactions (including forfeiting).
- This does not extend to financial leasing arrangements in relation to consumer products.
- It does not apply to any natural or legal person that provides financial institutions solely with message or other support systems for transmitting funds.
Definition by Financial Action Task Force (FATF)- 2019 in FATF (2013-2019), Methodology for Assessing Compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems, updated October 2019, FATF, Paris, France