AMLAWARE | Overview
AMLAware International – Anti-Money Laundering compliance training programs meeting regulatory requirements for insurance companies, the financial services industry, and the banking sector worldwide.
Anti-money laundering, training, training program, training programs, money laundering, insurance, finances, financial industry, banking sector, international, international anti-money laundering
15716
sfwd-lessons-template-default,single,single-sfwd-lessons,postid-15716,ajax_fade,page_not_loaded,,qode-theme-ver-9.1.3,wpb-js-composer js-comp-ver-4.11.2.1,vc_responsive
 

Overview

17 Jun Overview

The insurance industry, as is true of the financial services industry as a whole, is vulnerable to money laundering and terrorist financing. In addition, there are unique risks associated with the insurance industry and insurance products and transactions. For example, long-term insurance contracts can potentially be used to facilitate money-laundering vehicles, such as:

 

  • Unit-linked or with profit single premium contracts,
  • Single premium life insurance contracts storing cash value,
  • Fixed and variable annuities, and
  • (Second hand) endowment policies.

 

Insurance professionals—agents, authorized brokers, or others—conducting business in Hong Kong are involved in distribution, underwriting, and claims settlement, and are direct links to the policyholder. For this reason, they are vulnerable to exploitation by money launderers or other criminals seeking to use insurance products for illegal purposes.