Initial situation

• The insurance broker conduct regulated activities as insurance intermediaries, investment advisors, and AIF managers. As a licensed company, the insurance broker is subject to, among other things, anti-money laundering regulations, which place high demands on the company to have appropriate measures in place to prevent being used for money laundering or terrorist financing.

• The insurance broker has therefore identified the need for consultancy support in several key areas of its ongoing work to prevent money laundering and the financing of terrorism. zeb can provide support in, among other things, the following areas

  Streamlining customer due diligence (CDD) processes

  • Developing a customer risk classification model, as well as establishing procedures for model risk management and validation of the risk model

  • Designing a structure for monitoring and follow-up, including templates for sampling, reporting formats, and procedures for data collection

  • Other AML related help

Approach

A senior consultant from zeb was placed on-site to provide hands-on support with AML-related matters.

This included advising on customer due diligence, supporting the risk assessment process, and updating KYC procedures.

The consultant also led the implementation of a new AML system, ensuring it was aligned with internal policies and regulatory requirements. In parallel, staff were trained in the new workflows to secure a smooth transition and lasting results.