In the global trade arena insurance companies offer crucial services such as the risk evaluation, underwriting policies, investments and managing contracts. Many companies, in fact, would not be able to export their goods if they were not supported by insurance service providers. Similar to the financial institutions, the insurance sector is known to have the risk of being used by criminals to support enterprises, ranging from money launderers and mortgage fraud rings to terrorist finance networks.
U.S. Treasury Department -The Financial Crimes Enforcement Network (FinCEN) administers the enforcement of anti-money laundering rules for banks and insurance providers. As such, these firms are required to comply with the OFAC regulations. Screening customers and trade partners against OFAC and other government agency restricted party lists help to stay compliant with the regulations.
Having an extensive background in EAR and OFAC regulations, Linqs experts can assist insurance firms with several solutions ranging from a web-based software for trade party screening and transaction analysis to export classifications and compliance program assessments.
Some of the provided compliance services include:
EAR & OFAC Compliance
- Web-based Restricted and Denied Party Screening software
- Web-based Business Partner Compliance software
- Compliance assessment and audits
- Export compliance program preparation
- Onsite training by our experienced instructors
- Processing EAR and OFAC export license applications
- Technology Transfer Control Plan preparation