Anti-Money Laundering (AML) and Know Your Client (KYC) considerations and regulations are becoming increasingly important in the modern multinational insurance environment.
As regulator attention increases, and the risk of money laundering is on the rise due to increasing sanctions and conflicts, making sure you know your client and avoid fraud has never been more important.
With growing regulator attention and the extreme reputational damage that a business can incur if they do end up getting caught with poor fraud prevention services and incidentally end up money laundering for sanctioned actors, Axco has added KYC information to support our clients in conducting multinational business.
Axco’s Insight Compliance now includes add-on question set to help understand the what provisions insurers need to obtain from commercial clients. After consulting with our clients, we found that not only did clients with no access to KYC want the information, but those who already got it through servicing offices would benefit from their own and earlier access. Not only to double-check the requirements and guarantee their compliance processes but also to facilitate earlier discussions with the clients, making the selling/renewal process smoother and more productive.
The Risk Management Magazine rated KYC and AML as one of the top 10 geopolitical risks that organisations need to be aware of in 2024. Since 2019, it is estimated that 62% of insurers have been exposed to fraud. With the world’s major conflict zones showing no signs of slowing down, resulting sanctions on the rise, and the traditional fraud actors still in play, is KYC or AML something you can leave to chance?
To find out more about the KYC and AML information that Axco can provide, contact us via the link below
Axco is the leading supplier of global insurance market information with over 55 years’ experience in researching and publishing industry intelligence on insurance and employee benefits. Its unique business model and methods of research have enabled the development of an extensive suite of products comprising in-depth reports, focused profiles, Q&A databases, intelligent questioning tools, and email services which are delivered to every corner of the globe.
