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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.
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.
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.
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
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.
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.
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.
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.
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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