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Identity Verification, Regulatory Compliance
and Enhanced Due Diligence Tools |
Software Solutions for Insurance Companies and Agencies
Under regulations related to the USA PATRIOT Act, many insurance companies are required to have risk-based anti-money laundering programs. Penalties for violations can be severe.
OFAC publishes the following examples
of insurance transactions that would be blocked or prohibited:
- A life insurance policy naming a resident of Havana,
Cuba as any listed beneficiary.
- A liability policy covering the pharmaceutical operations
of a lab in Bogota, Colombia,
which has been named as a specially designated narcotics
trafficker.
- A property insurance policy written for an international
hotel chain which covers hotels in Tehran, Iran.
- A marine cargo or "goods in transit" policy
insuring a shipment of Iranian crude oil shipped
from Egyptian ports to a Spanish buyer.
There are thousands of blocked entities. Conducting unauthorized transactions with any of these can result in severe penalties.
Abiding by these regulations should be integral to your company's compliance policies.
What is OFAC and the USA PATRIOT Act? What practical steps can be taken to comply with these and other government regulations while mitigating various forms of risk? You may find Practical OFAC Principles and Practical USA PATRIOT Act Principles helpful in answering these questions.
Compliance with these regulations is often very complex and time intensive. With advanced identity verification and watchlist screening, Bridger Insight™ XG is designed to help you simplify the complex duty of compliance, while protecting your company's most valuable asset... your good reputation. Bridger Insight XG is our premier USA PATRIOT Act and OFAC compliance solution. |
