The FSA provided a talk on the risk-based approach to financial crime risks and what the FSA expects. This was followed by a presentation from the City of London Police on money laundering and its role, together with an overview of the Fraud Act 2006 and the potential impact on the insurance industry. Following lunch, the ‘double act’ from Lovells Solicitors provided not only a very informative presentation on sanctions, but also a very entertaining one, and received due appreciation in the feedback. The Politically Exposed Persons presentation provided an insight into the potential pitfalls that can hide behind a customer base. Comments afterwards indicated that this had generated a lively debate at the post-seminar drinks reception. Finally, the audience was provided with an insight into the workings of a SFO investigation by way of the Independent Insurance Company case.
The feedback received showed that the seminar was very well received and was seen as informative and practical. As part of the feedback, suggestions were requested for future topics, and the responses will be taken into account for the next time. As indicated at the seminar, this was the first of what is seen as an annual event going forward, and details of next year’s event will be forthcoming
later in the year.
