AML for Insurance Companies Training Course

Course Overview

Learning Objectives

• By the end of this course, participants will be able to:
• Analyze the nature and characteristics of money laundering risks in the insurance sector.
• Identify vulnerabilities associated with insurance products, customers, intermediaries, and transactions.
• Apply a risk-based approach to anti-money laundering management.
• Develop effective customer identification and due diligence processes.
• Assess and classify customer, policy, product, geographic, and transaction risks.
• Apply enhanced due diligence to higher-risk customers and relationships.
• Identify beneficial ownership and complex ownership structures.
• Recognize suspicious transactions, behaviors, and insurance activity patterns.
• Design effective transaction and ongoing customer monitoring processes.
• Strengthen suspicious activity escalation and reporting procedures.
• Evaluate the effectiveness of AML policies, procedures, and internal controls.
• Strengthen AML governance, accountability, and management reporting.
• Identify emerging money laundering threats and vulnerabilities.
• Develop corrective actions for AML control weaknesses.
• Build an integrated and sustainable AML framework for an insurance company.

Who Should Attend

Learning Outcomes

• Upon completion of the course, participants will be able to:
• Explain the principles and mechanisms of money laundering within insurance.
• Identify money laundering vulnerabilities across insurance products and processes.
• Conduct risk-based AML assessments for customers, products, channels, and transactions.
• Apply appropriate customer identification and due diligence procedures.
• Classify customers and relationships according to money laundering risk.
• Apply enhanced due diligence to higher-risk relationships.
• Identify beneficial owners and assess complex ownership structures.
• Recognize suspicious insurance transactions and behavioral patterns.
• Apply transaction and ongoing monitoring techniques.
• Assess and investigate suspicious activity indicators.
• Develop appropriate escalation and suspicious activity reporting processes.
• Evaluate AML controls and identify compliance gaps.
• Strengthen AML governance and management information.
• Identify emerging money laundering risks and adapt controls accordingly.
• Develop corrective and preventive actions for AML weaknesses.
• Build a practical AML framework aligned with the risk profile of an insurance company.

Course Outline