Egypt – Launching anti-money laundering departments in insurance
Tuesday, 10 18 2016, Category: Insurance and Reinsurance, Country: Egypt
The actuary Mr. Fayeq Hanna said that it is very important to establish specialized departments at insurance companies in order to combat money laundering.
Mr. Hanna clarified that when the law No 10 of year 1981 and its amendments were issued, insurance companies started to launch specialized departments to combat money laundering in order to fight corruption bearing in mind that money laundering cases increased after the January 2011 revolution.
The actuarial expert added that investigation and anti-money laundering departments at insurance companies were able to uncover many related cases indicating that money laundering cases increased for example in life insurance applications.
Source: Veto Gate