Introduction to financial crime - Searchlight Insurance Training

Introduction to financial crime

This course outlines the threat of financial crime and its consequences for the insurance industry,  and the key anti-financial crime controls that firms should have in place.

Financial crime remains firmly on the legal and regulatory agenda. The “annual money laundering test” is no longer enough.   Recent major regulatory enforcement cases – for bribery and corruption failings – continue to emphasise that the real risk is not prosecution but more frequent enforcement, higher penalties and even action against individuals.   Firms and individuals must know how to protect clients and themselves.

It is suitable for all compliance officers, managers, team leaders and people whose roles carry a higher potential exposure to financial crime.

Click “Check Availability” to find out which dates are available and make a booking or contact us on 01372 361177 or at . Alternatively, please let us know if you would like us to deliver this as an in-house workshop.

Level: Introduction

Duration: 1 day(s) CII CPD Hours: 6


Understand the exposure and consequences of financial crime for the insurance industry

Identify the main types of financial crime and their characteristics

Describe the key – and evolving – legislation to counter financial crime and the penalties for non-compliance

Explain  the regulatory priority given to financial crime and what the FCA expects of firms and individuals

Describe the roles of the main agencies in combating financial crime, including those within the industry

Recognise suspicious transactions

Outline the key but proportionate anti-financial crime controls that a firm should have in place



Challenging complacency: insurance industry exposure and the financial and reputational impact

Money laundering, fraud (including insurance fraud), identity/data theft, sanctions, terrorism and bribery/corruption

UK and international legislation, and penalties. Bribery Act 2010 in detail

The FCA’s approach to financial crime and its guidance. Prosecution or enforcement?

The agencies and particular industry initiatives

Identifying and reporting suspicious transactions and indicators, including Politically Exposed Persons

Following risk based procedures: deterrence, prevention and detection