Navigating AML Red Flags in LatAm Private Debt

Been diving deeper into the nuances of private debt deals in Latin America lately, specifically looking at how the AML red flags evolve as the investment landscape matures there. We're seeing more sophisticated structures, and with that, more complex ownership chains and capital flows. It got me thinking about how firms are adapting their compliance frameworks.

For those of you actively deploying capital in the region, what are some of the less obvious AML indicators you're increasingly keeping an eye on, particularly when dealing with local financial intermediaries or relatively new fund structures? Beyond the standard politically exposed person (PEP) checks and source of wealth, are there any regional specificities in, say, transaction patterns or corporate registries that have proven to be significant early warnings? Any insights on where the cutting edge of risk mitigation is for this market would be genuinely helpful to understand the practical challenges.