Indicators of Money Laundering Copy

Indicators of Money Laundering

The following instances may prove as indicators of money laundering:

  • Expensive policies or purchases taken out and then cancelled.
  • Policies taken out or purchases made for no apparent reason.
  • Requests for refunds or claims payments to be made to unconnected third parties.
  • Transactions in-congruent with the client’s usual dealings.
  • Reluctance or difficulties in providing identification.
  • Large claims shortly after an insurance policy has been effected.
  • An unusual interest in early surrender values.
  • Large cash payments or overpayments.
  • Requesting cover for assets in countries where drugs trade is prevalent.
  • Investments and savings, particularly with options for early surrender.
  • Lump sum investments and pension arrangements.

Other risk areas identified by recent amendments to the Money Laundering Regulations include:

  • Mobile banking.
  • Virtual currencies.
  • Cyber crime.
  • Data security.
  • Unregulated investments