Financial Crime Prevention (Commercial Insurance)

There are two kinds of financial crime. The first type generates illegitimate wealth (the proceeds of crime), and the second involves activities that protect, conceal or disguise those proceeds (money laundering).

Companies face a growing threat of financial crime, ranging from bribery, fraud and money laundering to terrorist financing.

Our Financial Crime Prevention Training Course will help your employees understand what financial crimes are, how to prevent them and what to do if they suspect a financial crime may occur.

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35 Minutes
For all staff
Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.

Learning objectives

Recognise various types of financial crime - eg fraud, market abuse, money laundering, terrorist financing, bribery, corruption and tax evasion
Identify what steps you should take to help prevent financial crime
Recognise when and how to seek advice and report concerns

Introduction

What is Financial Crime?

What is Financial Crime Prevention?

Customers with dishonest intentions

Your legal responsibility

Scenario 1: A couple break up

The security questionnaire
Fishing for information
Creating a joint account
Authorisation form
Other reasons for prosecution
Social engineering

Scenario 2: A politician moves money

Government official
Further investigations
Obtaining further information
Reporting
Dealing with the customer after the report
Any other infringements?

Scenario 3: Gifts, hospitality and procurement

Scenario 4: Unusual customers

An increase in savings
The money transfers

Scenario 5: Alexa's tip

A useful tip
Dealing with inside information

Scenario 6: Fake invoices

What do you think?
The Fraud Triangle
Repercussions of fraudulent activity

To recap...

Summary

Affirmation

Assessment

Your questions, answered

Financial Crime

How can I log and track incidents of financial crime in my organisation?

Our Compliance Breach Register allows you to securely log and monitor incidents of financial crime, such as bribery or money laundering. The tool enables you to track resolution progress and maintain a clear audit trail, ensuring accountability and compliance with regulatory requirements.

How can I ensure my employees understand and comply with our internal policies in relation to financial crime?

Our Policy Hub enables you to distribute policies such as your Anti-Money Laundering (AML) policy to employees, track acknowledgements, and send automated reminders. This ensures everyone understands their obligations and helps you maintain compliance with financial crime regulations.
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Can small businesses be held accountable under competition law?

Yes. Competition law applies to businesses of all sizes. Even small companies can face investigations and serious penalties for engaging in anti-competitive conduct.

Are informal conversations with competitors risky?

Absolutely. Informal chats, especially those involving prices, market plans, or customers, can constitute unlawful agreements and should be avoided.

What are the consequences of breaking competition law?

Violations can lead to heavy fines for companies, director disqualification, criminal prosecution, and reputational damage.

How can companies prevent anti-competitive behaviour?

By implementing regular compliance training, setting clear internal policies, encouraging reporting of concerns, and ensuring employees understand the legal risks.

Does the Criminal Finances Act 2017 apply to non-UK companies?

Yes. The Act can apply to overseas entities if any part of the tax evasion facilitation occurs within the UK or involves UK tax liabilities. Multinational firms with UK operations should take note.

What industries are most at risk under the Criminal Finances Act?

Industries with complex financial transactions, high-value assets, or extensive third-party relationships such as banking, legal services, real estate, and professional consulting are particularly exposed to conduct and facilitation risks.

How often should businesses review their tax evasion prevention procedures?

Best practice is to conduct reviews annually or whenever there are significant changes in business operations, regulatory guidance, or risk exposure. Regular audits help ensure ongoing compliance.

Can small businesses be prosecuted under the Criminal Finances Act 2017?

Yes. The Act applies to all organisations, regardless of size. However, the HMRC’s guiding principles allow for proportionality, meaning smaller firms are expected to implement controls that match their risk level and operational complexity.

What industries are most vulnerable to proliferation financing risks?

Industries dealing with dual-use goods, advanced technologies, chemicals, and logistics are particularly exposed. Financial institutions supporting international trade also face elevated risks.

How can small businesses ensure compliance with proliferation financing regulations?

Even SMEs should implement basic risk assessments, maintain up-to-date sanctions screening tools, and train staff on red flags related to trade-based money laundering and dual-use items.

Are there international standards for combating proliferation financing?

Yes. The Financial Action Task Force (FATF) provides global guidelines, including Recommendation 7, which focuses on targeted financial sanctions related to proliferation.

What are “dual-use goods” and why are they significant?

Dual-use goods are items that can serve both civilian and military purposes. Their trade is tightly regulated due to the potential for misuse in weapons development.

How often should proliferation financing risk assessments be updated?

Best practice suggests reviewing risk assessments annually or whenever there are significant changes in business operations, customer profiles, or geopolitical developments.

What is an anti-money laundering check?

As per Experian, AML checks “help prevent money laundering by confirming potential customers and businesses are who they say they are, and assessing how likely it is they’re involved in financial crime. For entities regulated by the Financial Conduct Authority (FCA), this due diligence is considered essential and is a legal requirement”.

What is anti-money laundering compliance?

Following AML laws, regulations and procedures to detect and stop suspicious and illicit money flows, including fraud and terrorist financing.

Financial Crime Prevention (Commercial Insurance)

Learning objectives

What can you expect your employees to learn?

Introduction

What is Financial Crime?

Customers with dishonest intentions

Scenario 1: A couple break up

Scenario 2: A politician moves money

Scenario 3: Gifts, hospitality and procurement

Scenario 4: Unusual customers

Scenario 5: Alexa's tip

Scenario 6: Fake invoices

To recap...

Summary

Affirmation

Assessment

Start your compliance e-learning journey with a free trial

Your questions, answered

How can I log and track incidents of financial crime in my organisation?

How can I ensure my employees understand and comply with our internal policies in relation to financial crime?

Can small businesses be held accountable under competition law?

Are informal conversations with competitors risky?

What are the consequences of breaking competition law?

How can companies prevent anti-competitive behaviour?

Does the Criminal Finances Act 2017 apply to non-UK companies?

What industries are most at risk under the Criminal Finances Act?

How often should businesses review their tax evasion prevention procedures?

Can small businesses be prosecuted under the Criminal Finances Act 2017?

What industries are most vulnerable to proliferation financing risks?

How can small businesses ensure compliance with proliferation financing regulations?

Are there international standards for combating proliferation financing?

What are “dual-use goods” and why are they significant?

How often should proliferation financing risk assessments be updated?

What is an anti-money laundering check?

What is anti-money laundering compliance?

Made for small regulated firms, not big budgets.

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Financial Crime Prevention (Commercial Insurance)

Learning objectives

What can you expect your employees to learn?

Introduction

What is Financial Crime?

Customers with dishonest intentions

Scenario 1: A couple break up

Scenario 2: A politician moves money

Scenario 3: Gifts, hospitality and procurement

Scenario 4: Unusual customers

Scenario 5: Alexa's tip

Scenario 6: Fake invoices

To recap...

Summary

Affirmation

Assessment

Start your compliance e-learning journey with a free trial

Your questions, answered

How can I log and track incidents of financial crime in my organisation?

How can I ensure my employees understand and comply with our internal policies in relation to financial crime?

Can small businesses be held accountable under competition law?

Are informal conversations with competitors risky?

What are the consequences of breaking competition law?

How can companies prevent anti-competitive behaviour?

Does the Criminal Finances Act 2017 apply to non-UK companies?

What industries are most at risk under the Criminal Finances Act?

How often should businesses review their tax evasion prevention procedures?

Can small businesses be prosecuted under the Criminal Finances Act 2017?

What industries are most vulnerable to proliferation financing risks?

How can small businesses ensure compliance with proliferation financing regulations?

Are there international standards for combating proliferation financing?

What are “dual-use goods” and why are they significant?

How often should proliferation financing risk assessments be updated?

What is an anti-money laundering check?

What is anti-money laundering compliance?

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Made for small regulated firms, not big budgets.