Did you know Insurance Companies have the same sanctions responsibilities as their bank? And if they operate in the US, failing to comply can have serious consequences. But staying vigilant isn’t just about avoiding penalties – it’s about protecting your business. Legacy systems and incomplete data often plague insurance companies, leaving you vulnerable to money laundering and financial crimes.
Here’s why ignoring AML compliance is a gamble you can’t afford:
Your bank won’t tolerate non-compliance: Your bank adheres to strict sanctions regulations, and so should you. Falling outside their risk appetite could jeopardize your relationship and access to essential financial services.
Data gaps are a vulnerability: Many insurers underestimate the importance of complete and accurate customer data. Not knowing your customers and their business networks creates major exposure points for money laundering activities.
Financial crimes aren’t distant threats: Insurance premiums and cancellations offer easy access for laundering illicit funds. Without proper AML solutions, such activities can go undetected for weeks or months, causing significant financial losses.
Trade finance harbors hidden risks: The complex world of trade finance presents a breeding ground for fraud and sanctions violations. A robust AML strategy is crucial to mitigate these risks and protect your business interests.
Download this guide to learn what five key parts of your compliance program you should evaluate right now.