Study of the Supervision of AML/ CFT on the Taiwanese Insurance Companies and the Intermediaries

Study of the Supervision of AML/ CFT on the Taiwanese Insurance Companies and the Intermediaries
Title
Study of the Supervision of AML/CFT on the Taiwanese InsuranceCompanies and the Intermediaries
Author
Tien-Mu Huang、Jy-Juinn Shaw
Keywords
Anti-Money Laundering, Countering Terrorism Financing,
Insurance Company, Insurance Agent, Insurance Broker,
Insurance Intermediary, Risk Based Approach, Enhanced
Due Diligence
Abstract
This study briefly introduces the regulations and compliances of the insurance
companies and the insurance agents and brokers (“intermediaries”) on anti-money
laundering and countering terrorism financing (“AML/CFT”). It also reviews the
common illegalities of domestic and foreign criminals’ using insurance products
for money laundering and terrorism financing, and U.S. and U.K.’s regulations for
AML/CFT between the insurance companies and intermediaries. In terms of how
to establish effective regulations and compliances of AML/CFT which are suitable
for Taiwanese insurance companies and intermediaries, this study suggests that we
can start from two aspects: the practice of the insurance companies and intermediaries to establish a cooperative access management mechanism, and the practice of
enhancing the insurance companies and intermediaries to confirm and verify the
clients’ identity. In addition, in order to prevent the salesman’s over emphasis on performance and neglect the relevant cooperation obligations, this study proposes
to include the salesman’s implementation of AML/CFT into the part of the remuneration system, and to control the salesmen’s compliances with the actual commission that can be collected.
Abstract Article

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