Corporate and legal entities are the most likely vehicles for money laundering, especially those that are private companies fronted by a legitimate trading company.

Look behind the customer to identify who has ultimate control over the account and the business or company assets. Particular attention should be paid to those who inject a significant proportion of the capital or financial support. The objective should be to verify the identity of the ultimate beneficial owner(s) or those with ultimate control of the account and/or assets.

When obtaining detail on the nature and purpose of a relationship with a corporate customer, confirmation that the company exists for legitimate trading or economic purpose should be obtained.  Where suspicion exists that the company is merely a ‘brass plate company’, a visit to the place of business may be useful to confirm the true nature of the business activities.