What does "Risk-based" mean in the AML program of an insurance company?

A. A company's AML program reflects the unique money laundering risks it faces for specific company's covered products.

B. A company is risking becoming a victim of a money launderer.

C. Insufficient cyber-security measures that lead to data/privacy breach and loss of records.

D. The risk of loss from types of events like money laundering that are not currently on the risk register because they have never happened before.

Risk-based in the AML program of an insurance company refers to tailoring the anti-money laundering measures to the specific money laundering risks faced by the company's covered products. This approach involves assessing the unique risks associated with different products and implementing controls accordingly.

For example, high-risk products like life insurance may require more stringent customer due diligence procedures compared to lower-risk products like auto insurance. By focusing on risk-based measures, insurance companies can effectively combat money laundering activities within their operations.

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