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Regulatory Compliance 7 min read 15 September 2024
AML/CFT in Asia Pacific Insurance: Where Regulators Are Focusing
FATF Mutual Evaluation reports across Southeast and Northeast Asia have repeatedly identified the insurance sector as carrying under-appreciated money laundering exposure, particularly in high-value single-premium life and cross-border distribution. Regional regulators have responded with enhanced customer due diligence requirements, transaction monitoring obligations and, in several markets, mandatory AML culture reviews. We examine current supervisory priorities and what insurers and brokers need to have in place.
What this briefing covers
- Why FATF evaluations flag insurance as an under-appreciated ML/TF channel
- Higher-risk products: single-premium life, credit insurance, cross-border distribution
- Enhanced customer due diligence and beneficial ownership expectations
- Transaction monitoring and alert handling for insurers and brokers
- AML culture reviews and what supervisors look for
Full briefing
The written briefing on this topic is being prepared. In the meantime our consultants can talk through how it applies to your organisation directly.
More in Regulatory Compliance
Briefing details
- Category
- Regulatory Compliance
- Reading time
- 7 min read
- Published
- 15 September 2024