The AML Vulnerabilities of the Insurance Sector


The insurance sector has a money laundering problem. While insurers might assume money launderers are more focused on other parts of the financial services industry – most obviously, banks – the facts tell a very different story. Almost two-thirds of insurers had been exposed to fraud or financial crime over the previous 24 months (PwC Global Economic Crime Survey).
As businesses that sell policies, rather than managing a continuous flow of financial transactions, they may appear to be a less obvious target for money laundering. But the reality is that huge sums flow into and out of insurance contracts, which are often complex and may involve a significant investment element. The sector is therefore a tempting target for financial criminals.

In this industry spotlight report, we cover: 

• Where insurers may be vulnerable to AML risk
• The regulatory environment
• How to ensure compliance with AML regulation 
• How automation can help

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