August 14 2017
US insurers ‘lagging behind’ in fight against financial crimes Money laundering is an ever expanding problem for the American insurance industry. An increasing number of individuals are using insurance accounts to hide money from federal taxation agencies – and the industry needs to step up and tackle the situation head-on.
The first step to fighting financial crime within an organization is having effective ‘Know Your Customer’ (KYC) and ‘Anti-Money Laundering’ (AML) functions in place. Unfortunately, this is an area where “US insurance companies are lagging behind,” according to Edmund Tribue, NTT DATA Services’ Risk & Regulatory senior practice lead.