Safeguard your insurance business against money laundering threats
The variety of players and products in the insurance market opens up numerous ways for criminals to commit illicit acts and launder money. Knowing your customers is a challenge, especially for insurance agents and brokers who often solely rely on information provided by the customer.
Insurance companies must quickly identify the hidden risks and comply with regulations. Know-your-customer (KYC) regulations are essential for insurance companies. They ensure that all parties involved in the insurance contract are thoroughly identified, including the owner, policyholder, beneficiary, and insured, who are not always the same person.