Anti-Money Laundering, Anti-Fraud, and OFAC Services for Life Insurance Companies
By Vicki Landon
We can conduct independent AML audits or assist your internal auditors to provide them with the knowledge, techniques, and tools to competently and confidently perform your next independent audit with insights into insurers’ leading practices and regulators’ expectations.
What is required for an independent AML audit?
Life insurers must conduct an independent anti-money laundering (AML) audit periodically as a foundation of their AML and OFAC programs. As regulators’ AML penalties increasingly focus on fraud, there is no room for error. Regulators have cited companies whose independent audit is inadequate.
But what is “adequate” for your AML audit? And how much is enough?
Independent AML audits must:
be based on your company’s AML, fraud, and OFAC risk,
include extensive testing of controls, and
be performed by a competent party who is independent of compliance reporting lines.
We leverage extensive insurance experience with AML, fraud, and OFAC knowledge to offer:
independent AML audits,
AML risk assessments,
AML programs,
AML policies & procedures,
AML & OFAC training,
rule optimization,
vendor selection, and
AML transaction monitoring system implementation.
Why choose Currin Compliance Services?
We understand life insurance, AML, and OFAC regulations as well as industry leading practices. With decades of insurance, AML, and compliance experience, we know how to test your processes and data and how to evaluate your controls’ effectiveness. We have conducted AML and OFAC audits for many leading insurance companies as well as boutique insurers.
