Checklist to Identify Misuse of Corporate Structures to Strengthen AML/CFT Compliance

Corporate vehicles are widely used in today’s economy for legitimate business activity, but their complexity and cross-border activities’ lack of transparency can be exploited to hide ultimate owners and enable illicit funds transfer that finances terrorism and other crimes. For Regulated Entities, this poses a serious AML/CFT challenge while businesses benefit from a legitimate corporate structure. They must stay vigilant to detect and mitigate the misuse of these vehicles for Terrorism Financing.  

Here is one-click-away, easily downloadable “Checklist to Identify of Misuse of Corporate Structures to Strengthen AML/CFT Compliance” + RACI Chart, designed to help you identify suspicious corporate structures, trace obscure ownership, detect anomalies, financial flows, and escalate cases efficiently. 

So, if you are part of the customer onboarding team, KYC analyst, a screening analyst, an AML compliance, a Transaction Monitoring Analyst, a Senior Manager, or a Compliance enthusiast, you must be equipped with the right tools to identify red flags and take action.  

• Identifying the effectiveness of control measures surrounding documents, customers, transactions and third-party or intermediaries to detect any red flags indicating concealment of funds. 

• Identifying whether regulatory reporting and AML training components are designed well enough to mitigate loopholes in corporate structure. 

• Recognising the concealment of funds through nominees, incomplete data or refusal to provide adequate ownership information. 

• Identifying process efficiency for red flag indication around transactions, financial inconsistency, which might be associated with ML, TF and PF activities. 

• Designing workflow, role clarity, task allocation and task escalation for managing cases with fund management abuse. 

• Ensure timely filing of Suspicious Activity Report (SAR) and Suspicious Transaction Report (STR) with the UAE FIU through the goAML portal.  

Download this “Checklist to Identify Misuse of Corporate Structures to Strengthen AML/CFT Compliance” today and align your business with AML/CFT regulations, while addressing real-world risks associated with the misuse of corporate vehicles.