- 35 years experience in insurance company process and compliance consulting, including 10 years of dedicated AML services.
- Specializing in anti-money laundering, combating the financing of terrorism and fraud in the insurance industry.
- Applying hands-on experience with insurance-related technology and operations, business architecture, and business process reengineering
- Customizing federal law compliance to clients' risk profiles an d cost structures
- Implemented Transaction Monitoring Systems or conducted Independent Reviews for 4 of the top 20 insurers
- All 7 Best Practices
- Pre-Call Discovery Process
- One-on-One Call with Expert
- Session Summary Report
- Post-Session Engagement
Anti-Money Laundering - Insurance Companies
The USA PATRIOT Act of 2001 and the U.S. Bank Secrecy Act (BSA) require that every life and annuity company selling covered products have a comprehensive Anti-Money Laundering program.
Each life and annuity provider’s AML program must address the AML risk presented by its products, services, distribution channels, customers, and geographies. The program must include the four AML pillars:
- Policies, procedures and internal controls to reduce the risk of being used for money laundering or terrorism;
- Qualified compliance officer;
- Periodic independent testing of the program;
- Training program for all relevant employees and agents.
Life and annuity providers are also required to comply with OFAC (Office of Foreign Assets Control) sanctions, restricting the business you can conduct with specific individuals, companies, and countries.
For life and annuity providers, compliance means assessing risk and developing policies and procedures, a training program, and the ability to monitor transactions to detect possible indicators of money laundering or terrorist financing. Life and annuity providers must also be able to file reports in the required timeframe and keep records available for five years.
Like banks, securities firms, and money service businesses (MSBs), life and annuity providers are subject to very stiff criminal and civil penalties for non-compliance with these regulations.