Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for Certified Public Accountants Article 2

Terms used in these Regulations are defined as follows:1. "Certified public accountant (CPA)" shall mean a person who has acquired qualification to practice as a CPA and practices as a CPA, pursuant to Article 8 of the Certified Public Accountant Act, and prepares for or carries out any of the transactions in the items under Article 5, paragraph 3, subparagraph 3, or transactions designated under subparagraph 5, of the Act.2. "CPA firm" shall mean a firm that a CPA referred to in the preceding subparagraph has established or joined, pursuant to Article 8 of the Certified Public Accountant Act.3. "Beneficial owner" shall mean a natural person who ultimately owns or controls a customer and/or the natural person on whose behalf a transaction is being conducted, including those persons who exercise ultimate effective control over a legal person or arrangement.4. "Risk-based approach" (RBA) shall mean conduct risk assessment, risk mitigation and risk monitoring measures.5. "High risk country or region" shall mean a country or region as described in Article 11, paragraph 2 of the Act.