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Identifying suspicious transactions for Insurance Companies:
- Customer proposes to purchase an insurance product using a cheque drawn on an account other than his or her personal account, i.e. Third Parties.
- Customer conducts a transaction that results in a conspicuous increase in investment contributions.
- Customer makes payments with large denomination notes, uncommonly wrapped, with postal money orders or with similar means of payment.
- The first (or single) premium is paid from a bank account outside the country.
- Customer purchases annuity policies and later on changes ownership to a third party, i.e. relative, friend, solicitor, etc.
- A client with other small policies or transactions based on a regular payment structure may make a sudden request to purchase a substantial policy with a lump sum.
- The client shows more interest in the cancellation or surrender of the policy rather than in the long-term results of investment
- A life insurance contract may be taken out for less than three years
- Customer cancels insurance soon after purchase.