
Event | 3 May
A Lunch Time Seminar reviewing whether AML/Sanction Screening solutions utilised within the Insurance Industry are fit for purpose.
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.
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.
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A Lunch Time Seminar reviewing whether AML/Sanction Screening solutions utilised within the Insurance Industry are fit for purpose.
RiskScreen invites you to attend this free, lunchtime event for Insurance professionals.
RiskScreen’s award-winning platform can be taken in modules or installed as a fully integrated solution.
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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