AML solutions for the insurance sector

Digital onboarding, AML screening and pKYC of your client base

Insurance contracts are a popular target for criminal abuse, placing insurance providers at significant risk of facilitating money laundering schemes.

The FATF has identified various aspects of typical insurance contracts that may present an opportunity to criminals seeking to launder illicit funds. For example, many contracts have a “cooling-off” period which allows criminals to take out insurance contracts by transferring funds to insurers, with the intention of very quickly terminating the arrangement and receiving a complete refund. A cheque issued from an insurance company provides a safe means for laundering funds which may have originated from an illicit source. Alternatively, insurers may receive requests to substitute beneficiaries during the life of a contract or for funds to be sent to third parties following termination, where there is no apparent link between the new recipient and the original policy holder.

These are real risks that insurance companies must guard against. Often the focus in the insurance sector is on combatting fraudulent claims, whereas the exposure to money laundering and criminal abuse is overlooked. Robust AML processes are required in order for insurers to meet the ever-changing regulatory requirements in the sector and to identify risks early on.

RiskScreen is able to assist insurance companies to achieve strong financial crime and money laundering compliance through the effective use of a range of technologies. We strive to assist insurance companies to efficiently manage data they hold for customers in order to identify potential risks of money laundering and financial crime.

The RiskScreen ecosystem

The RiskScreen AML platform provides an end-to-end solution for your management and protection against financial crime. Choose single or multiple modules, as your organisation requires.

Save weeks of work by conducting digital identity verification of individuals, as well as full KYC and KYB screening checks through your dedicated web portal and mobile app.

The risk levels you decided at onboarding can then carry through to your ongoing screening and monitoring.

AML screening against sanctions, PEP and watch list data – as well as adverse media – to establish your customer’s risk level.

Screen as a one-off at point of sale or pre-onboarding, then follow this up with ongoing scheduled batch screening across your customer base – so you’re alerted about changes, and can be confident in your exposure.

Revolutionise your decision making with RiskScreen’s pKYC modules.

Turn your existing static and dynamic customer information into hot data for real-time risk analytics and reporting with our truly transformational approach to data and risk management.

Further reading


Event | 3 May

A Lunch Time Seminar reviewing whether AML/Sanction Screening solutions utilised within the Insurance Industry are fit for purpose.

Find out why RiskScreen is the smarter way to combat money laundering

At RiskScreen we work with hundreds of companies around the world from a wide range of sectors – both regulated and unregulated.

Any screening technology is only as good as its underlying data. That’s why we work to find the best providers, ensuring you get screening matches you can trust.


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