AML screening for insurance firms.
Policyholders and beneficiaries, screened. Life insurance and investment-related insurance business is in scope of the Money Laundering Regulations. Every insurer and broker must comply with UK financial sanctions, which means knowing whether a policyholder, beneficiary or claimant is designated.
Supervisor
The FCA, for firms in scope of the regulations.
Who you’ll screen
- Policyholders
- Beneficiaries and claimants, before paying out
- Corporate policyholders, and the people behind them
The risks
What supervisors look for in your sector.
Payouts
Paying a claim or surrender value to a designated person is a sanctions breach.
Long-lived policies
Life policies run for decades. Monitoring matters more than the check at inception.
Beneficiaries
The person who receives the money may not be the person who took out the policy.
How FirmScreen fits
The screening part of your procedures, done and recorded.
Screening against the UK, UN, OFAC and EU sanctions lists, PEP data and HMRC’s deliberate tax defaulters, in one search. Everything FirmScreen does
- 01Every client re-screened daily by default, so a designation after onboarding opens a case the next morning.
- 02Screen beneficiaries before payment, with a certificate for the claim file.
- 03Bring your existing client book across in batches of up to 500 from a spreadsheet.
- 04A fingerprinted evidence pack per client, ready for an inspection visit or file review.
Yes. Add the beneficiary as a customer or related party and screen them before payment; the result is recorded with the list versions.