LMB Insurance Inc. applies the highest standards of confidentiality and compliance, ensuring the transparency and security of financial transactions.
Commitments and Responsibilities:
We strictly comply with applicable laws and regulations, particularly those related to anti-money laundering and the financing of illicit activities.
Our protocols include:
· Thorough verification of client files to identify and mitigate risks.
· Monitoring of transactions to detect any suspicious behavior.
· Collaboration with the relevant authorities to report and prevent any illegal activity.
Definition and Identification of Money Laundering:
Money laundering refers to any transaction aimed at concealing the origin of funds generated by criminal activities. It can involve various means such as bank transfers, insurance policies, and financial investments.
Indicators of Suspicious Activity:
· Transactions inconsistent with the client's profile. Funds transferred from unusual or undocumented accounts.
· Increased irregular payments or reimbursements to third parties without clear reason.
· Misleading information about the source of funds.
Through these measures, LMB Insurance protects its clients and ensures transparent and compliant management of financial transactions.
Examples of suspicious activity:
· Payment in cash rather than by check or wire transfer.
· Significant interest in early cancellation of a policy without a legitimate business reason.
· Reimbursement made in the name of a third party with no apparent connection to the policyholder.
· Transfer of benefits to a beneficiary with no logical relationship to the policyholder.
Monitoring and Compliance:
LMB Insurance Inc. must remain vigilant for signs of money laundering and report any suspicious activity to the compliance officer. Thorough verification of clients and beneficiaries is essential to reduce risks.
Payment Management and Risk Prevention:
· Limiting cash payments and excessive or duplicate transactions.
· Acceptance of payments only from accounts consistent with the client's profile.
· Analysis of unusual financial flows and immediate reporting in case of doubt.
Suspicious Activity Reporting:
Any transaction inconsistent with the client's usual activities must be evaluated and, if necessary, reported to management for further analysis.
Key Obligations:
· Monitoring of Financial Activities: Annual and periodic assessment of client and product risks.
· Transaction Control and Reporting: Escalation of money laundering concerns to management and compliance with local regulations.
· Training and Awareness: Ongoing training program to ensure effective implementation of compliance procedures.
· Secure Payment Management: Implementation of controls to limit risks associated with cash transactions and irregular payments.
Documentation and Recordkeeping:
All data related to client verification is retained for at least five years and made available to the relevant authorities upon request.
Compliance and Sanctions:
Failure to comply with procedures may result in disciplinary action, including dismissal or prosecution, as required by applicable law.
Transparency and Audits:
Annual and periodic internal audits are conducted to ensure compliance and recommend adjustments to existing policies.