Intermediaries – case study 19 A person (later arrested for drug trafficking) made a financial investment (life insurance) of USD 250,000 by means of an insurance broker. He acted as follows. He contacted an insurance broker and delivered a total amount of USD 250,000 in three cash instalments. The insurance broker did not report the […]

Life policies – case study 13 A financial adviser approached a life insurance company in order to make a pre application enquiry on behalf of a prospective customer to PEP classifications and other issues. The potential applicant was married to a former president of a developing country who was in self-imposed exile due to outstanding […]

Life policies – case study 7 A policyholder living abroad bought a life insurance policy and, soon afterwards, requested early surrender of the policy. This early surrender resulted in high costs for the policyholder. Afterwards, the policyholder made a request by fax to transfer the money to an account of another person living abroad. The […]

Life policies – case study 6 A couple in their twenties purchased several single premium life insurance contracts with the same insurance company. A little later they requested an early repayment of these policies in cash. This, combined with the young age of the insured, attracted the attention of the insurance company. The FIU found […]

Life policies – case study 1 Mrs T (teacher) from country A, entered into a life insurance policy with a small initial premium being paid. The transaction was arranged by Mr B who was the agent of insurance company C and a cousin of Mrs T. Two days later, company C made a payment of […]