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Temat: informacje ze świata: Online insurance being used for...
Despite the online insurance market growing at an average 202% a year in China, official regulations governing the sector have yet to be implemented and the sector has become the latest and the most convenient tool for money laundering.The Sunshine Insurance Group and Anbang Property & Casualty Insurance Company said the China Insurance Regulatory Commission (CIRC) had requested local regulatory bodies to investigate possible incidents of laundering money, reports the Chinese-language Securities Daily.
An employee at Anbang's Jilin division said its parent company had asked it to thoroughly investigate clients who had bought policies worth over 200,000 yuan (US$31,700) and established an anti-money laundering team. The Anbang head office had also asked the division to curb such illegal practices as a top priority.
An employee said that in accordance with the CIRC's requirement, the division had to carry out 13 tasks, including to establish an organization against money laundering, record client identification and their record of insurance purchases, and investigate suspicious deals.
In addition, confirming the clients' identity was critical, the employee added.
A CIRC official said the rise of the online insurance market has brought with it cases of money laundering involving the sales of online insurance products. Customers have bought insurance products online and also made payments online, which would become effective immediately, before the offline administrative procedures were completed.
The official also listed six major methods of money laundering. Buying group insurance, property insurance, as well as taking advantage of long-term life insurance were three of the major methods.
Besides these, underground insurance products have also been a common tool used for money laundering. Salespeople from Hong Kong, Macau, Taiwan and other locations have promoted their policies in mainland China with the payment to be wired to overseas insurance firms, providing a convenient channel for dirty money to flow abroad.
Two other major ways involved taking advantage of insurance policies denominated in foreign currencies or buying insurance as a way to conduct bribery.
http://www.wantchinatimes.com/news-subclass-cnt.aspx?i...
