As published in Insurance NewsNet
FinScan's Steve Marshall explains how and why insurers must be on top of their approach to customer data to ensure they stay on the right side of the law and strengthen their AML and sanctions best practices to remain there.
By law, insurance firms are subject to the same anti-money laundering obligations as banks. The industry perception is that as “just insurers,” they are at less risk of money laundering. However, insurers are presented with some risk of money laundering, and the level of that risk must be identified in their business-wide risk assessment. FinScan’s Steve Marshall explains how and why insurers must be on top of their approach to customer data to ensure they stay on the right side of the law and strengthen their AML and sanctions best practices to remain there.
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