Money Laundering is old hat but attention is now shifting to the insurance industry’s unwitting role in facilitating money laundering in various facets be it through investments or claims. And with the world getting more tech-savvy and online transactions rising, insurers need to ensure against being unwittingly exploited for money laundering and terrorist financing. It is a grave matter of compliance issue that can lend you in jail too.

Money laundering is a multi-billion dollar affair and ISIS, the wealthiest terrorist organisation with a net worth of $2 billion is looking at Asia to get its funds laundered and deployed. So there is a greater urgency to be more aware and manage these risks. Are the current rules and legal measures adequate? Is your in-house system capable of picking up any irregularities? Are your staff and agents trained in anti-money laundering moves? 
 

The Asia Anti-Money Laundering Summit 2016 will bring together experts including regulators and law enforcement officers, insurers and insurance distribution agents and claims management professionals in a collaborative partnership to address these hot issues, be able to identify red flags and take effective compliance and enforcement against Money Laundering. The whole financial system has to be vigilant and work together to effectively combat money laundering activities.