Definitions

FATF defines Virtual Asset Service Provider (VASP) as any natural or legal person who is not covered elsewhere under the Recommendations, and as a business conducts one or more of the following activities or operations for or on behalf of another natural or legal ... Read More →

A shelf company is considered to be an incorporated company with inactive shareholders, directors, and secretary and is left dormant for a longer period even if a customer relationship has already been established. See also: Shell Company, Front Company Source: FATF ... Read More →

A front company is considered to be a fully functioning company with the characteristics of a legitimate business, serving to disguise and obscure illicit financial activity. See also: Shelf Company, Shell Company Source: FATF ... Read More →

A shell company is considered to be an incorporated company with no independent operations, significant assets, ongoing business activities, or employees. Shell companies tend to be conduits or holding companies. See also: Shelf Company, Front Company Source: FATF ... Read More →

A Money Laundering Reporting Officer (MLRO) or Anti-Money Laundering Officer (AMLO) is a Compliance professional who oversees the firm's anti-money laundering/countering the financing of terrorism framework. Under Recommendation 18 of the Financial Action Task ... Read More →