Anti-Money Laundering & Bribery - A One Hour Guide for the Insurance Sector

Introduction

Join Guy Wilkes from Mishcon de Reya LLP as he presents this webinar considering the key legislation and guidance that applies to the insurance sector and provide practical advice on compliance.

The reduction of financial crime remains a key priority for the FCA.

A key component of FCA strategy is ensuring that firms comply with anti-money laundering legislation and guidance.

Failure to comply can result in financial penalties, suspension of business or criminal prosecution.

Because of the range of services provided by the insurance sector, compliance with AML regulations can be complicated, with differing products falling inside or outside the AML regulatory perimeter.

What You Will Learn

This webinar will cover the following:

• The regulatory landscape for anti-money laundering including the roles of FATF, NCA and the FCA
• Substantive money laundering offences in the Proceeds of Crime Act 2002
• Requirements imposed by Money Laundering Regulations including
• Guidance on which insurance activities are within scope
• The main obligations on firms - risk assessments, management controls, customer due diligence, ongoing monitoring, suspicious activity reporting
• The role of MLRO and nominated officer
• Statutory guidance for the insurance sector produced by Joint Money Laundering Steering Group
• FCA approach to supervision and enforcement, traps for the unwary

This webinar was recorded on 10th November 2021