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Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF)

AML/CFT legislation and regulation aims to prevent money laundering and the financing of terrorism by imposing a number of obligations on the financial sector, gambling sector, remittance (money transfer) services, bullion dealers and other professionals or businesses that provide particular regulated services.

Application Programming Interface (API)

API is a technical interface to a web service or programming language library that exposes functions or methods in the interface to be able to be invoked by clients using a programming language.

Association of Southeast Asian Nations (ASEAN)

ASEAN is a regional intergovernmental organisation comprising of ten countries in Southeast Asia, which promotes intergovernmental cooperation and facilitates economic, political, security, military, educational and sociocultural integration among its members and other countries in Asia.


A block in a blockchain is the container of transactions. Each block contains a timestamp and a link to the previous block.

Business to business (B2B)

B2B refers to commerce between two businesses rather than to commerce between a business and individual consumer. Transactions at a wholesale level are usually B2B.


Bitcoin is a peer-to-peer payment system. It is a decentralised digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.


A blockchain is a type of distributed ledger, comprised of unchangeable, digitally recorded data in packages called blocks. Each block is then ‘chained’ to the next block, using a cryptographic signature. This allows block chains to be used like a ledger, which can be shared and accessed by anyone with the appropriate permissions.

Consensus Mechanism

Consensus mechanisms refer to the process of attaining agreement on the status of the network in a decentralised way. It facilitates the verification and validation of information being added to the ledger, ensuring that only authentic transactions are recorded on the blockchain.

Customer Due Diligence (CDD)

CDD is the process where relevant information about the customer is collected and evaluated for any potential risk for the organization or money laundering/ terrorist financing activities.


A form of digital currency based on mathematics, where encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds.


A method for securing communication using code. The main example of cryptography in cryptocurrency is the symmetric-key cryptography used in the Bitcoin network. Bitcoin addresses generated for the wallet have matching private keys that allow for the spending of the cryptocurrency. The corresponding public key coupled with the private key allows funds to be unlocked. This is one example of cryptography in action.

Digital Currency Exchange (DCE)

DCE refers to a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies.

Digital identity

A digital identity is an online or networked identity adopted or claimed in cyberspace by an individual, organization, or electronic device.

Distributed Ledger Technology (DLT)

DLT is a digital system for recording the transaction of assets in which the transactions and their details are recorded in multiple places at the same time. Unlike traditional databases, distributed ledgers have no central data store or administration functionality.

Disruptive Technology

A technology that displaces an established technology and shakes up the industry or a ground-breaking product that creates a completely new industry.


Refers to software and other modern technologies used by businesses that provide automated and improved financial services.

Initial Coin Offering (ICO)

ICO is an event in which a new cryptocurrency sells advance tokens from its overall coinbase, in exchange for upfront capital. ICOs are frequently used for developers of a new cryptocurrency to raise capital.

Internet of Things (IoT)

The internet of things, or IoT, is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.

Intellectual Property (IP)

Refers to creations of the mind, such as inventions, literary and artistic works, designs, and symbols, names and images used in commerce.

International Organization for Standardization (ISO)

The International Organization for Standardization (ISO) is headquartered in Switzerland. The ISO defines rules and standards to aid in tasks for virtually all products that people use, including rules and standards about how products are made and how quality control tests should be performed.

KSI blockchain

KSI is a blockchain technology designed in Estonia and used globally to make sure networks, systems and data are free of compromise, all while retaining 100% data privacy. It means that no-one – not hackers, not system administrators, and not even government itself – can manipulate the data.

Know Your Customer (KYC)

KYC is the process of a business verifying the identity of its clients and assessing their suitability, along with the potential risks of illegal intentions towards the business relationship.


Describes some type of delay. It typically refers to delays in transmitting or processing data, which can be caused by a wide variety of reasons.


A type of direct bank that is 100% digital and reaches customers on mobile apps and personal computer platforms only. Neobanks do not operate traditional physical branch networks.


A computer connected to the blockchain network is referred to as a ‘node’. Most nodes are not full nodes and full nodes can be difficult to run due to their bulky size.


Certification-style qualifications that individuals choose to study to improve a skill found in a particular industry area. They are short, low-cost online courses that provide learners with a digital certification or a 'digital badge' when complete.

Science, Technology, Engineering and Mathematics (STEM)

STEM is a curriculum based on the idea of educating students in four specific disciplines — science, technology, engineering and mathematics.

Smart contract

Smart contracts are contracts whose terms are recorded in a computer language instead of legal language. Smart contracts can be automatically executed by a computing system, such as a suitable distributed ledger system.

Smart/programmable money

Digital or digitised currency that can be programmed to limit its use, for instance only permitting use once certain criteria have been met. It can also potentially track the use of the currency.

Technical and Further Education (TAFE)

TAFE is a government run system that provides education after high school in vocational areas.


The freedom of individuals and organisations to choose the most appropriate and suitable technology to their needs and requirements for development, acquisition, use or commercialisation, without dependencies on knowledge involved as information or data.


The process of replacing sensitive data with unique identification symbols that retain all the essential information about the data without compromising its security.

Trust badge

A symbol placed on a website that assures visitors that a page is legitimate and that all their data is collected through secure third-party service providers.

Use case

In software and systems engineering, a use case is a list of actions or event steps, typically defining the interactions between a role (or actor) and a system, to achieve a goal.