The FSA has come under fire from law firm Reynolds Porter Chamberlain (RPC) for forcing “draconian new rules” on all aspects of the industry.
The law firm said any company selling insurance based products would need to comply with the FSA and would be expected to report knowledge or suspicion of money laundering.
RPC said it was concerned about the move which significantly broadened the definition of money laundering to include “simple” possession of any criminal property and tax evasion.
According to RPC, from 14 January, insurance intermediaries must:
·Verify the credentials and identities of new before accepting instructions and keep records of this as proof
·Establish rigorous internal controls
·Train employees so they understand their obligations under the new laws.
·Document and keep records of all transactions
·Appoint a money laundering reporting officer who will take reports from colleagues and make reports and requests to proceed with transactions to the National Criminal Intelligence Service (NCIS)
·Undertake a risk review to satisfy themselves as to the identity of current clients
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.
