CountryAnti-Money Laundering: More Than a Mandate?
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:
- Understand the activities of customers, employees and third parties
- Analyze data from multiple viewpoints
- Quickly respond to changes in the regulatory environment
- Keep pace with launderers and fraudsters
- Make use of risk-based analysis
