Insurance industry… high risk of AML?

Some market participants were shocked by the results of the PwC Global Economic Crime Survey 2018 as it show a dramatic raise in the AML risk for insurance companies.

As per the reported results, 62% of firms were exposed to fraud or financial crime with in the last 24 months.

That number represents a significant increase versus previous version in 2016 (37%) and 2014 (35%).

This issue add up to the report produced by the EU showing that the systemic AML risk of the Union has been increased by not harmonised supervision and by noting certain products as low risk by default.

The risk of money laundering and tax fraud was highlighted as serious by Mr. Jeppe Kofod, a co-autor of a special report from the anti-tax fraud committee.

As per reported information the understanding of insurance (and in specific life insurance) as low to medium risk facilitated access to such products to criminals, making need for specific measures to address the inherited risk related to such products.



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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