The Fiserv white paper "Anti-Money Laundering: More Than a Mandate?" explains how a comprehensive anti-money laundering program solution can provide the life insurance industry with a strategic advantage.
While AML programs have long been a requirement for life insurers, the life insurance industry has not been subjected to sustained regulatory enforcement of AML. Minimal enforcement, inadequate resources and lack of clear AML guidelines led many insurers to go no further than meeting basic compliance requirements. This approach doesn't reflect the unique risks life insurers face. Companies miss out on a deep and meaningful analysis that can help them: