Expanding your data reach

The Financial Services Authority has issued new requirements to help the industry combat money-laundering and online electronic services could point organisations in the right direction. Neil Lewis explains.

The insurance market is as good a vehicle as any for
money-launderers.


They can open insurance policies using dirty money from one bank account,
or with cash, then quickly cancel them. They can then pay the refunded
cleaned cash into another bank account, maybe in a different country.


Money-launderers who have already cleaned their money can use it to pay
for insurance policies to support their lifestyle.


Money-launderers are not typically concerned with losing small amounts of
money through