The Complete AML Compliance Checklist for Insurance and Financial Services Firms
This comprehensive AML compliance checklist is designed to help insurance and financial services firms assess the strength of their AML framework against regulatory expectations. Presented in a practical PDF format, it enables firms to review key AML controls and make informed yes/no assessments based on their own judgment, helping identify gaps, support internal reviews, and strengthen overall compliance.
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Work through key AML requirements and evaluate your compliance with a clear yes/no checklist
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Frequently Asked Questions
What is AML in insurance?
Anti-money laundering in insurance means the checks and controls a firm uses to stop its products being used to launder money. For insurers, brokers and MGAs it covers verifying counterparties, screening for sanctions and PEPs, monitoring relationships after onboarding, and reporting suspicious activity to the National Crime Agency.
What should an AML compliance checklist cover?
A useful checklist covers customer and counterparty due diligence, beneficial ownership, sanctions and PEP screening, risk assessment, ongoing monitoring, staff training, record keeping, and governance. The value is in working through each control and recording a clear yes or no, so gaps are visible rather than assumed.
What AML checks apply to supplier onboarding for UK businesses?
Onboarding a supplier or trading partner usually means confirming the entity exists and is authorised where relevant, identifying its beneficial owners, screening those parties against sanctions and PEP lists, and recording the evidence. The obligation does not end at onboarding, so most firms also monitor for changes.
How can firms avoid AML compliance failures?
Most failures trace back to controls that existed on paper but were not operated consistently. Firms reduce that risk by centralising records, monitoring counterparties continuously rather than at renewal, keeping an audit trail of decisions, and reviewing the framework when the business or the regulation changes.