--- title: What happens during an company 'unwrap' when a corporate shareholder turns out to be a trust? description: What happens during an company 'unwrap' when a corporate shareholder turns out to be a trust - easyAML reads ASIC data during the KYB unwrap and flags any. --- [Skip to content](https://knowledge.easyaml.com/what-happens-during-unwrap-when-a-corporate-shareholder-turns-out-to-be-a-trust#main-content) English - Australia Show submenu for translations Open main navigation Close main navigation - English - Australia Show submenu for translations How can we help you? - There are no suggestions because the search field is empty. 1. [easyAML Help Centre](https://knowledge.easyaml.com/?hsLang=en-au) 2. [FAQs](https://knowledge.easyaml.com/faqs?hsLang=en-au) 3. [Trusts & Complex Structures](https://knowledge.easyaml.com/faqs?hsLang=en-au#trusts-complex-structures) # What happens during an company 'unwrap' when a corporate shareholder turns out to be a trust? ## The platform reads ASIC, flags shareholders held non-beneficially as likely trustees, pauses the unwrap. easyAML reads ASIC data during the KYB unwrap and flags any shareholder where ASIC records show **"beneficially held = false"** - meaning the named shareholder is holding the shares **on behalf of someone else**, typically as a trustee. This is a strong signal that there's a trust sitting behind the shareholding. What happens next: 1. The platform pauses the unwrap at that shareholder and asks for documentation. 2. The user **uploads the trust deed** and uses the automatic trust read to determine the trustees, appointor and beneficiaries (or beneficiary classes). Each unwrapped trust layer is a separate KYB ($35 + GST on Professional). 3. KYC links then need to be sent to each individual identified as a controlling person or adult named beneficiary. The process is manual because trust details aren't externally registered with ASIC or any other public register - the deed itself is the only authoritative source. Our **AI trust-deed reader** simplifies the process and will pre-fill trustees, appointor and beneficiaries from the uploaded deed (the user reviews and confirms). ### Related articles - [What does the KYB unit price include?](https://knowledge.easyaml.com/what-does-the-kyb-unit-price-include?hsLang=en-au) - [Does AUSTRAC require settlors to be identified and KYC as part of a trust CDD?](https://knowledge.easyaml.com/settlor-kyc-requirements?hsLang=en-au) - [When the customer is a trust, do beneficiaries need to be identified and verified? How does this differ by trust type?](https://knowledge.easyaml.com/trust-beneficiaries-verification?hsLang=en-au) - [A KYB failed to identify known UBOs. 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