ML/CFT risks in Insurance Sector
Insurance Industry provides different types of products including investment related products, savings schemes, and risk transfer products to various customers across the globe. The clientele of an insurance company can range from individuals to corporate entities and government organisations. One of the most important aspects of the Insurance industry that should be considered while assessing ML/CFT risks is that it operates its business and transactions through intermediaries including Insurance agents and brokers. Money Laundering and Terrorist Financial Red Flags in Insurance Sector: While there is no exhaustive list of tried-and-true suspicious activity indicators , there are many common pointers that can help us identify Financial Crime, Money laundering and Terrorist Financing in Insurance Sector. Methods of Money laundering are getting more sophisticated as the complexity of transactions and financial relationships is growing over the period. Financial institutions, LFIs ...