Accuity Whitepaper Outlines Minimising AML and Sanctions Risk for Insurance Companies

In response to the widespread regulatory changes in the insurance industry, Accuity, a division of BankersAccuity, has released a whitepaper providing critical guidance for compliance professionals. The paper, ‘Finding Safe Harbour: How Insurance Firms Can Minimise Anti-money Laundering and Sanctions Risk Throughout the Policy and Payment Lifecycle’, examines federal and global anti-money laundering (AML) and trade sanctions laws and the compliance obligations for insurance firms.

“Implementing a truly effective global compliance programme requires more than simply accessing the standard sanctions lists. Our whitepaper aims to dissect the issues and provide guidance on how firms can best prepare,” said Brent Newman, executive vice president of Accuity and the author of the report. “The insurance industry must take the necessary steps in complying with current AML and trade sanctions in order to efficiently address regulatory requirements.”

Primary points in the whitepaper include:

  • The regulator’s perspective: enforcement actions for prohibited transactions have nearly doubled from 2009 to 2010. As a result, firms are becoming increasingly aware of the need to remain responsible for compliance on all covered products they sell, whether through their own agents or third-party distributors.
  • How firms should approach increased risk: to ensure maximum compliance, companies must monitor all covered products and their subsequent transactions for suspicious activity.
  • Signposts for an effective compliance programme: identifying and deploying a technology solution that can accept and screen a wide variety of data from multiple sources is essential to managing a robust screening and compliance programme.
  • Screening processes to employ in order to achieve highest possible data quality: AML and Know Your Customer (KYC) screenings for maximum operational efficiency and lowest achievable risk are a must for sanction screenings.
  • How to deploy screening efforts and resources across the enterprise: taking the necessary steps to create an effective screening process while minimising costs and usingresources efficiently.


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