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Money

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launderingExamples of money laundering and suspicious transactions involving insurance This document contains examples of money laundering and suspicious transactions involving insurance. It was originally created as an appendix to the IAIS Guidance paper on antimoney laundering and combating the financing of terrorism (October 2004) and is updated periodically to include additional examples identified.

Contents Indicators.................................................................................................................................. 1 Life insurance ........................................................................................................................... 3 Non-life insurance .................................................................................................................... 4 Intermediaries........................................................................................................................... 5 Reinsurance ............................................................................................................................. 6 Return premiums...................................................................................................................... 7 Over payment of premiums ...................................................................................................... 7 High brokerage/third party payments/strange premium routes ................................................ 7 Claims ...................................................................................................................................... 7 Assignment of claims ............................................................................................................... 8 Non-life insurance – fraudulent claims ..................................................................................... 8

Indicators The following examples may be indicators of a suspicious transaction and give...

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