Insurance: The Quest for Optimized Due Diligence
Financial crime is on the rise worldwide and the insurance sector is by no means immune. As the insurance companies expand into new jurisdictions, the AML and KYC checks complexity grow due to the multiple parties involved.
Insurance is a relatively unusual business when it comes to screening as it tends to involve very low transaction volumes, but multiple parties from the policyholder to beneficiaries to a reinsurer. Sanctions screening is a complex process in any sector — anyone with a relationship with a sanctioned entity could be a risk, and screening for Politically Exposed Persons (PEPs) is essential to make sure that none of the parties involved in a contract are subject to corruption risk.
LEARNING OBJECTIVES
· The complexity of the multiple screening and data points
· The Lessons learned from recent bribery and sanctions violations cases
· The best practices to optimize your risk-based approach
SPEAKERS
Dima Fakhoury Head of Compliance at Oman Insurance Company
Noel (Joseph) Bartolo Chief Compliance Officer and MLRO at Finance Incorporated Ltd
Vincent Gaudel Compliance Expert at LexisNexis Risk Solutions
