Why insurers' banking relationships matter in AML compliance

As published in Insurance NewsNet

FinScan's Steve Marshall explores the importance of the bank-insurer relationship when it comes to AML and sanctions compliance, and examines the considerations that insurers must factor into their AML risk management processes as a result.

Anti-money laundering is often mistaken as a secondary consideration to fraud in the insurance sector when it comes to financial crime. The pervasive view is that insurance companies are less likely to be targets of money laundering compared to banks. However, insurers have the same legal AML obligations as the banking sector and are customers of banks. FinScan’s Steve Marshall explores the importance of the bank-insurer relationship when it comes to AML and sanctions compliance, and examines the considerations that insurers must factor into their AML risk management processes as a result.

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