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

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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