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Jul 2020

Asia: Taking steps against money-laundering

Source: Asia Insurance Review | Jun 2016

Money laundering has always been around but new light is being shone on the insurance industry’s unwitting role in facilitating money laundering in various facets – either through investments or claims. 
   With the world getting more tech-savvy and the number of online transactions rising, insurers need to ensure against being unknowingly exploited in money laundering and terrorist financing activities. Such exploitation can lead to compliance charges being filed against insurers, resulting in prison sentences.
   Money laundering is a multi-billion dollar affair worldwide. ISIS, the wealthiest terrorist organisation with a net worth of US$2 billion is looking at Asia to get its funds laundered and deployed. Now, more than ever, there is a greater urgency increase awareness and manage these risks.
Summit to stay ahead of the curve
The Asia Anti-Money Laundering Summit 2016 will bring together experts including regulators and law enforcement officers, insurers and insurance distribution agents and claims management professionals in a collaborative partnership to address these hot issues. It will identify red flags and take effective compliance and enforcement against Money Laundering. The whole financial system has to be vigilant and work together to effectively combat money laundering activities.
   The summit will include discussions on introducing a platform to achieve some consensus on industry-wide collaboration; enhancing the industry’s policies and procedures to overcome money-laundering, funding of terrorist activities and insurance fraud; ensuring greater compliance and risk analysis; helping companies develop and enforce effective money laundering and fraud prevention measures successfully and effectively.
   The two-day summit on 13-14 July 2016 in Singapore will also provide case studies to draw lessons from past failures and success stories. Stay ahead of the curve.
   For more information, visit
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