Insurance Companies Required to Track Sources of Wealth

Politicians under the microscope, life insurance a high-risk product, 2 million centimes fine for non-disclosure of suspicion, ban on fictitious accounts, cutting ties and notification of suspicious cases. Insurance companies will be required, like banks, to identify the source of clients' funds in certain cases, with a strict regulatory framework applied to life insurance due to its high risk of money laundering, according to a new risk guide issued by the National Insurance Council in December. The guide puts politicians, along with their family members and close associates, in the high-risk category of clients, requiring enhanced and vigilant measures with prior approval from the regulatory body.