KYC AML CASE STUDY ANALYSIS:
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 an additional premium, in excess of 540,000, on behalf of Mrs T. After one month, Mrs T cancelled her policy and transferred the refund of contributions to three different accounts:
a) Mr MD (Managing Director of Company C) – 240,000;
b) Mrs N (niece of Mr MD) – 150,000; and
c) Mr U – 150,000.
All of them subsequently transferred the money onwards to other accounts in different banks. Following an investigation it appeared that the money being laundered was linked to fuel smuggling. The accounts were blocked by the Financial Intelligence Unit (FIU) and the case was forwarded to the public prosecutor.
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 an additional premium, in excess of 540,000, on behalf of Mrs T. After one month, Mrs T cancelled her policy and transferred the refund of contributions to three different accounts:
a) Mr MD (Managing Director of Company C) – 240,000;
b) Mrs N (niece of Mr MD) – 150,000; and
c) Mr U – 150,000.
All of them subsequently transferred the money onwards to other accounts in different banks. Following an investigation it appeared that the money being laundered was linked to fuel smuggling. The accounts were blocked by the Financial Intelligence Unit (FIU) and the case was forwarded to the public prosecutor.
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