This course provides a radical review of the anti-cash laundering (AML) guidelines and tips as they pertain to insurance companies and insurance producers. Using case studies and real-life examples, the course explores how life insurance coverage products may be used in cash laundering actions and clarify how the AML guidelines apply. The course describes the precise measures that insurance coverage firms should take to detect and stop money laundering, private loan together with why and when SAR-IC reviews have to be filed and commit a chapter to producer responsibilities.
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In this case, launderers or criminals buy a controlling interest in a bank, preferably in a jurisdiction with weak AML controls, and then transfer soiled proceeds by way of the bank with out scrutiny. Nauru was an island nation which distributed offshore banking licenses when its phosphate reserves depleted and the nation had no source of earnings. This elevated criminal exercise in Nauru.