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.
6 Elements of an Effective AML/CFT Compliance Programme Aligning an organisation's business processes with the relevant anti-money laundering / countering the financing of terrorism (AML/CFT) regulations and best practices is no easy feat to accomplish. The difficulty of it amplifies when the business is massive and complex.Recent events have shown u...
Banks – AML/CFT Red Flags Transactions Which Do Not Make Economic SenseTransactions that cannot be reconciled with the usual activities of the customer, for example ―
(a) the use of Letters of Credit and other methods of trade finance to move money between countries or jurisdictions where such trade is not consistent ...
Indicators of Concealed Beneficial Ownership Source: FATF
Indicators about the customer
1. The client is reluctant to provide personal information.2. The client is reluctant or unable to explain:their business activities and corporate history
the identity of the beneficial owner
their source of wealth/funds
why they are co...