Mash Risk Television

Ernst & Young
Steven Beattie, AML Services Leader
Runtime: 15:48

Key Takeaways

1. E&Y’s AML survey was distributed to 26 of the nation’s largest insurers.
2. Governance: 85% of respondents have five or less employees with full-time AML responsibilities.
3. Risk Assessments: 53% of respondents have risk assessments built on narrative descriptions.
4. Suspicious Activity Reports (SARs): 50% of the respondents filed SARs. However, in aggregate, no more than 55 SARs were filed during 2006.
5. Monitoring: AML-monitoring responsibility is in the compliance area for 57% of respondents.
6. Information Technology: Areas for improvement include warning indicators (alert tuning).
7. Training: 79% of respondents developed their own employee training.
8. Independent Testing: 79% of respondents were expected to complete initial independent testing before May 2, 2007.
9. For a free copy of the E&Y AML survey, email Margaret.Savoia@ey.com.