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 those
who have 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.