Invisible AML Risk – What Insurers and Related Parties Need to Know
Insurance companies often assume that they are immune from many of the regulatory risks that financial institutions face. Unfortunately, the risk landscape for insurers is changing rapidly as the crimes and regulations are becoming increasingly sophisticated, leaving them as vulnerable as their counterparts in the financial sector.
This webinar will focus on many of the unanticipated risks that insurers and those who do business with them need to be aware of to proactively mitigate and manage their risk. Real life case studies will demonstrate not only the regulatory perils, but also the adverse impact on business when insurers inadvertently make decisions without understanding all of the hidden risks related to Money Laundering, Sanctions, PEPs (Politically Exposed Persons), Trade Finance, and Ultimate Beneficial Ownership.
Attendees will learn about:
- Asking the right questions — do you really know who you are dealing with?
- Why you should care about the invisible risk lurking in your business
- Indirect risks — what happens when your counterparties, bank, or reinsurer identifies the risks before you do?
- How to calculate Risk vs. Reward
- Leveraging processes and tools to identify and control risk
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