Webinar Recording – Why the Insurance Sector Can’t Ignore FRAML

With the Financial Conduct Authority (FCA) increasing its focus on compliance in the insurance sector, understanding and adhering to regulatory expectations has never been more crucial. The FCA’s recent actions against fraud and financial crimes highlight the urgent need for robust compliance frameworks.

FRAML, which combines fraud prevention and anti-money laundering (AML) units, has become a vital concept for firms within the insurance sector. This integration strengthens risk management and improves operational efficiency.

Join our webinar to gain insights on the FCA’s requirements for combating Fraud and Money Laundering, Terrorist Financing in the insurance sector. We will discuss ways to enhance your compliance strategies, consider various real-life case studies and suggest how to develop a robust compliance framework. Secure your spot now and fortify your firm’s defences against regulatory penalties and financial crimes.

Who is this webinar for?

This webinar is tailored for firms across the insurance industry’s diverse segments. Whether you represent a General Insurance firm, a Life Insurer, or operate within the supply chain, understanding the nuances of AML regulations is crucial. Our team of specialists will guide you through the intricacies of AML compliance within the insurance sector, providing valuable insights for all stakeholders.

In this session we explore:

The truth about the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and its impact on the Insurance sector;
The intricate link between fraud and money laundering under the umbrella term of FRAML;
Tactical solutions to addressing the FCA’s expectations and fortify your fraud and AML framework.

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How Complyport can help

We have assembled our seasoned insurance professionals to launch a dedicated Insurance Advisory and Actuarial Services. Our dedicated service is designed, amongst other things, to guide you through the complexities of FCA compliance, ensuring you meet the regulator’s stringent requirements and changing expectations.

With each aspect of the insurance industry under the regulatory microscope, our insurance experts will help you stay ahead of the curve. Some of our services include:

Fraud Risk Management: fraud risk assessments, fraud risk management program development, implementation of anti-fraud controls, fraud awareness and training, fraud investigation support, compliance audits and monitoring, regulatory advisory for fraud compliance, continuous fraud program improvement.
Product Governance: gap assessment and analysis, implementation support to ensure compliance with regulations, Product Oversight and Governance (POG) policy support.
IT Security, Cyber Security Operational Resilience: Operational Resilience policy integrating people, processes, and systems, IT and Cybersecurity audits, Business Continuity Plan development and support.
Internal Audit: internal audit outsourcing, establishing an internal audit function.
Financial Crime: Anti Money Laundering (AML)/Know Your Customer (KYC), Sanctions and PEP screening support, policy and procedure development, review and gap assessment, implementation support, ongoing screening and risk assessment, compliance function outsourcing.
Consumer Duty: gap assessment and analysis, implementation support, Consumer Duty policy support.
Actuarial Support Services: establish actuarial function policy and procedures, actuarial function outsourcing.

Our team can also assist you with FCA authorisation, regulatory reporting, thematic reviews, among other services. For detailed information on all our insurance consultancy services, please click here.

Complete the form below to book a free consultation.

About Complyport

Complyport is a market-leading consulting firm supporting the UK financial services industry for over 22 years. We specialise in providing Governance, Risk and Compliance services to support the regulated financial services industry to raise standards and thrive.

Complyport can assist with the preparation of a GAP analysis and impact assessment on the investment firm’s capital adequacy and risk management framework of the Company under the regulatory framework.

We specialise in supporting the UK financial services industry with compliance guidance, advice and best practice.