Anti-money laundering and customer screening in insurance

Anti-money laundering laws impose an obligation on insurers to analyse their customers and their transactions to guard against money laundering. Life insurance contracts in particular are prone to situations that may be relevant to money laundering, such as:

 

• A high one-time payment into a life insurance contract
• Concluding multiple contracts within a short time with high premiums (smurfing)
• Relocation to a high-risk country shortly after policy inception

 

To date, however, insurers have barely scratched the surface when it comes to automating the measures to combat money laundering. The workload often pushes money laundering officers to their capacity limits. Automation paves the way for more efficiency.

 

This brochure covers the following topics:

• Risk-based monioring in new business, existing policies, and claims
• Money laundering in insurance policies
• Three core disciplines of anti-money laundering in insurance companies
• Sanctions and PEP list screening
• Monitoring of business activities (scenarios)
• Monitoring of payments
• Anti-money laundering with Artificial Intelligence
• ACTICO Compliance Solutions and FIU reporting

 

After submitting your data, you can download the trend report immediately.