Accuity Whitepaper Outlines Minimising AML and Sanctions Risk for Insurance Companies
In response to the widespread regulatory changes in the insurance industry, Accuity, a division of BankersAccuity, has released a whitepaper providing critical guidance for compliance professionals. The paper, ‘Finding Safe Harbour: How Insurance Firms Can Minimise Anti-money Laundering and Sanctions Risk Throughout the Policy and Payment Lifecycle’, examines federal and global anti-money laundering (AML) and trade sanctions laws and the compliance obligations for insurance firms.
“Implementing a truly effective global compliance programme requires more than simply accessing the standard sanctions lists. Our whitepaper aims to dissect the issues and provide guidance on how firms can best prepare,” said Brent Newman, executive vice president of Accuity and the author of the report. “The insurance industry must take the necessary steps in complying with current AML and trade sanctions in order to efficiently address regulatory requirements.”
Primary points in the whitepaper include: