| Underwriting's Role in Anti-Money Laundering and Anti-Fraud Compliance |
Vicki Landon, CAMS, CAMS-Audit, FLMI, CFCS
Gina Byrne Miller |
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Life insurance companies are required to comply with AML regulations in order to assist in preventing criminal
use of the US financial system-specifically to prevent the company from being used to facilitate money
laundering or the financing of terrorist activities. Underwriters play a key role in this effort by spotting potential
criminals and fraudulent activity, illicit funds and questionable use of life and annuity products at the earliest
stage of the insurance process. This session explains how criminals use the insurance system to launder
money, how underwriters help protect the company from criminal use and a discussion of current trends
in these types of financial crimes.
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