No insurance against money laundering
Insurance firms have become complacent in their AML processes – at least that is the belief of an international money laundering watchdog. John Rumsey reports on how the industry plans to tighten up
The weakest link. That’s the new perception of the insurance industry in the battle against money laundering. Recently, the industry and regulators have been waking up to the fact that significantly more laundering is going on than they had thought and that insurers are highly vulnerable in a number of ways that they had not suspected. Belatedly, they are racing to plug the holes.
There are a number of reasons why insurers have lagged behind the financial and securities industries in
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