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Preventing Money Laundering

People with Purpose

Are watchful for signs of money laundering and take action to prevent criminal financial activity.

We are a complex organization with multiple entities in a variety of businesses. Our global operations make us a potential target for money launderers who seek to conceal the true nature of criminally obtained funds or those who wish to engage in terrorist financing. We believe we have a duty not only to prohibit money laundering and terrorist financing but also to actively prevent it by learning how to recognize it and take appropriate measures against it. That's what our core values demand of us.

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Purpose in Practice

Preventing money laundering means we:

  • Comply with all applicable requirements and regulations
  • Are alert for activities that facilitate money laundering or the funding of terrorist or criminal activities
  • Understand and follow all our anti-money laundering policies, procedures and internal controls, which are designed to ensure compliance with the USA PATRIOT Act and other regulations

For any questions about money laundering prevention, contact your manager or the appropriate corporate legal contact, or see Resources.

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Money laundering is how criminals attempt to conceal the true origin and ownership of criminal proceeds in order to make those proceeds appear legitimate. Terrorist financing involves the use of money to fund illegal activities while concealing the origin of the funds or their intended use. Since the transactions often have a legitimate origin and involve small amounts of money, terrorist financing can be more difficult to identify than money laundering. Signs of money laundering or terrorist financing include but are not limited to:

  • Making unusually large payments using cash equivalents (e.g., cashier's checks and money orders)
  • Structuring purchases by purchasing several policies and then canceling them
  • Making a large payment, then asking for a refund in a form of payment different from the form originally used
  • Purchasing a policy, then making false claims of losses
ECC Monitor: OK