Money laundering scare
Either Reynolds Porter Chamberlain is wrong on money laundering, or you are over dramatising the situation (4 January, www.insurancetimes.co.uk). This is from the FSA's website:
Q. I am a general insurance broker. Do I have to comply with the requirements on money laundering?
A. Our money laundering rules will not apply to intermediaries in relation to general insurance and pure protection contracts and reinsurance business involving these contracts.
However, you will of course still have obligations under the Proceeds of Crime Act. The money laundering rules will continue to apply to insurers writing pure protection business.
So, there is no extra burden imposed on insurance intermediaries by the FSA rules.
Andrew Hedger
Project accountant and compliance officer
Bell & Clements
