AML/CFT Controls in the Insurance Sector
September 28-29, 2021
September 28-29, 2021 (Virtual Event)
11.00 am to 2.00 pm IST / 1.30 pm to 4.30 pm SGT
It is generally believed that the money laundering and terrorist financing risks for the insurance sector are relatively lower than other sectors such as banking, payment services or gambling, and that insurance products are not very attractive to money launderers. However, in reality, insurance companies offer highly flexible policies and investment products that provide opportunities for customers to deposit and withdraw substantial funds with a relatively minor reduction in value. There is also a risk that the source of funds to purchase insurance may be the proceeds of predicate offences and that the funds withdrawn from insurance contracts could be used to fuel terrorist activities or other serious crimes. As other sectors tighten up AML CFT controls, money launderers are increasingly looking at leveraging sectors with arguably weaker AML/CFT controls, such as the insurance sector.