Insurance aml compliance

AML in Insurance

Keep your insurance firm safe from financial crime and ensure your compliance with the latest guidance from the government, with SmartSearch. We streamline AML in the insurance sector, so you can focus on your business.

We can help you mitigate the risks of insurance fraud

Insurance firms are increasingly at risk from money launderers – especially those which offer high-value life insurance policies. Insurers are also vulnerable to fraudulent claims, and therefore need to identify and manage the risks posed by their customers. 

Without a competent risk-based approach, your company is more likely to become unwittingly involved in financial crime. If you don’t comply, you may also incur penalties from regulatory bodies, like steep fines, as well as reputational damage. 

SmartSearch offers an all-in-one customer verification system, with sanction and PEP screening, as well as ongoing monitoring. Our platform is a quick and easy way to electronically verify customers, and mitigate the risks of money laundering in the insurance sector. 

Insurance AML

Money Laundering in Insurance: a few areas we can help you with

Know who you’re doing business with

Electronically verify your customers at the click of a button and fulfil your KYC requirements quickly and easily.

Onboard customers

Know who you are dealing with by performing all of your KYC and AML checks through one centralised system. We can even integrate with your existing system to streamline your process, saving your firm time and money.

Meet your customer due diligence requirements

Always remain compliant with our unique electronic identification and verification system which automatically screens for PEPs and Sanctions and completes enhanced due diligence on any matches.

Monitor your records

We ensure you remain compliant with alerts for status changes for PEP and Sanction matches with our ongoing monitoring service powered by Dow Jones. With on average around 60% of matches marked as ‘false positives’, our automated enhanced due diligence feature saves you both time and money.

Avert fraud

We offer a range of fraud prevention services which can be tailored to your own internal risk policies.

Keep records

Evidence your compliance and due diligence at the click of a button through our easily-retrievable search records, high risk client lists and audit note trails.

Tailored AML Products for Insurers

From KYC checks through to detailed record keeping, we offer the most comprehensive range of AML and fraud prevention products on the market, but we’re happy to tailor our services to the needs of your insurance firm.

Our holistic software can be easily integrated into your existing system, simplifying client onboarding and ensuring your compliance in one easy step. Plus, if you often work remotely or on the move, our full-service app grants you access to all our screening products from a mobile device, so you can get a definitive pass or fail result in seconds.


What kind of insurance organisations do we work with?

Life Insurance
Group Pensions

There’s a reason we have a 98% client retention rate

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When someone submits an application to us, we like how quick and easy it is to perform the check, and love how reliable the information is that’s returned. Stephanie Slark Head of Group Recruitment
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SmartSearch provides us with a cost-effective and simple to use solution which is quick and east to use and delivers a fully auditable record. It has undoubtedly provided us with efficiencies and a cost saving over our previously used system.
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Frequently Asked Questions

  • Is the insurance sector subject to money laundering regulations?

    In the UK, insurers and insurance brokers are not lawfully subject to official money laundering regulations. That being said, firms in the insurance sector still have a responsibility to implement measures against financial crime – and they are subject to the Proceeds of Crime Act 2002. Without adequate preventative systems in place, insurers are not only vulnerable to money launderers, but could also incur penalties from regulatory bodies, like steep fines or trade restrictions.

  • How can insurers detect money laundering?

    In order to detect money laundering, terrorism or other forms of financial crime, there are several common red flags which insurance firms can look out for. These include:1, Any customer that is reluctant to provide information that can confirm their identification. 2, Any customer who purchases an insurance product that they have no need for. 3, Any customer that borrows the largest sum available, very soon after their insurance policy begins. 4, Any customer who uses unusual methods of payment, making purchases in large quantities of cash, or opts to pay via a third party. 5, Any customer who overpays on a policy and then seeks a refund soon afterwards.

  • How do criminals launder money through insurance companies?

    According to the FATF, criminals are increasingly turning to the insurance sector as a means of laundering money. They might do this by purchasing expensive items like cars, insuring them, and then making false claims in order to obtain legitimate funds. They might also overfund high-value policies like life insurance using the proceeds of crime, and then ask to be reimbursed, again granting them access to “clean” money.

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