Blog: Sanctions screening and responsibilities of UK insurance brokers
It’s critical for brokers to understand and manage sanctions screening and anti-money laundering compliance to avoid possible penalties, including fines, reputational damage and potential imprisonment for senior decision makers, says Paul Tasker CEO of Reg Technologies.
Sanctions (see box) responsibilities cannot be delegated to others just because brokers are neither risk carriers nor insurance buyers.
What is a sanction?Sanctions are penalties imposed on a country, its authorities, or individual residents as a form of punishment or to offer disincentives for specific policies and acts, including:
Breaking international law Money laundering Terrorist financing Drug trafficking Human rights violation International contract violation WeaponOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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