Reactive measures - Investigations for financial and insurance industry
IRMI Group offers a range of services within monitoring and investigation in accordance with the anti money laundering, anti corruption and counter finance terrorism regulations. Among our investigation services IRMI also provides insurance investigations when suspecting possible fraud or in-country onsite verification services in terms of claims and asset searches when suspecting investment fraud or losing assets.
UBO & Asset investigations
Ultimate beneficiary owners (UBO) is a research and confirmation of the real beneficiary owners behind a company. Asset investigations is a search for lost assets when being exposed of possible financial fraud or loss of assets. These services are often combined, also when seeking hidden assets in foreign countries. Services are also relevant in insolvency matters and litigation cases.
IRMI Group is a support function for investors, financial industry, auditors and legal resources. Our UBO and asset investigation services can be performed beyond western countries, also in high-risk areas and tax havens.
Read the global overview here.
Case example:
The scope on behalf of the bank client and the beneficiary client, was to find lost assets in the tax havens Gibraltar and BVI, in advance of proposed litigation. Investigations provided the results finding over EUR 20 mill.
Censored extract of report can be viewed here.
Insurance claims
and investigations
Fraud steals around $80 billion a year across all lines of insurances. Nearly one third of insurers say that fraud was as high as 20% of claim costs. A rapid globalization, when people and companies are moving across borders in high speed, makes it even more challenging for insurance companies.
In general, he international terrain creates challenges with verifications prior of approving insurance claims, without even suspecting fraud.
IRMI Group supports insurance companies with in-country and onsite verification prior to claims approval or when suspecting fraud. Verifications can be conducted in over 150 countries across the globe on behalf of the insurance companies.
Case example:
An American insurance company needed a death verification of an alleged deceased individual in Norway, in advance of approving a life insurance claim. On-site and in-country registry verified the identity of the deceased individual and verified the individual`s time of death.
Censored extract of report can be viewed here
AMLD4 and CTF audits
New regulations in terms of combating moneylaundering and terrorism financing, point out that it`s no longer sufficient to identify the identity and ultimate beneficiary owners. In terms of onboarding new customers, they must also be verified.
Global screening in over 500 lists using registry and Artificial Intelligence, provides identification results in seconds. Real time data with updates every 15 minutes.
Subsequently enhanced customer due diligence is also required in high risk areas.
IRMI Group supports financial industry, investment industry and insurance companies with in-country and on-site verifications when suspecting violation of AMLD4 and CTF globally. IRMI Group can assist establishing routines and perform customer audits in high risk areas.
Case example:
An English bank and insurance company questioned the real identity and age to two individuals with british citizenship who originated from Ethiopia. An on-site and in-country investigations confirmed their true identity, but their self-reported age was wrong. Based upon wrongful information, the individuals were able to obtain financial support and insurance benefits.
Censored extract of report can be viewed here