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E&Y: Anti-Money Laundering Survey for the U.S.-Based Life Insurance Industry
Mash Risk Television
Ernst & Young
Steven Beattie, AML Services Leader
Runtime: 15:48
Key Takeaways
- E&Y’s AML survey was distributed to 26 of the
nation’s largest insurers.
- Governance: 85% of respondents have five or less employees with full-time AML responsibilities.
- Risk Assessments: 53% of respondents have risk assessments built on narrative descriptions.
- Suspicious Activity Reports (SARs): 50% of the respondents filed SARs. However, in aggregate, no more than 55 SARs were filed during 2006.
- Monitoring: AML-monitoring responsibility is
in the compliance area for 57% of respondents.
- Information Technology: Areas for improvement include warning indicators (alert tuning).
- Training: 79% of respondents developed their own employee training.
- Independent Testing: 79% of respondents were expected to complete initial independent testing
before May 2, 2007.
- For a free copy of the E&Y AML survey, email Margaret.Savoia@ey.com.