Insurance brokers have been urged to remain vigilant for signs of money laundering.

The Serious and Organised Crime Agency (SOCA) is keen to enlist the support of financial services professionals to tackle this growing threat.

As well as their civic duty, people working in general insurance have been warned that they could face prosecution if they fail to act on their suspicions.

"There can be few brokers who can say they have never had a sneaking suspicion that all is not quite as it should be with a particular client," Steve Hardwick, principal officer at SOCA, wrote in this spring edition of Broker magazine.

"Making a timely report to the relevant authority where you know or suspect another person is engaged in money laundering and receiving consent to proceed with the suspicious transaction could give you a full defence to a potential money laundering charge," he added.

While general insurance is not covered by last year's money laundering regulations, prosecutions could be brought under the proceeds of crime act.

Allianz Global Corporate & Specialty (AGCS) has set up a team of broker development and key account managers to strengthen ties with clients in the UK.The broker development team comprises Matt Br...

The insurance industry can respond effectively to the next major claim incident if all the elements work closely together.That is the message from Malcolm Edwards, president of the Chartered Institute...

The Financial Ombudsman Service (FOS) must not stand in the way of better regulation, insurers have warned.Responding to the review of the FOS by Lord Hunt, the Association of British Insurers (ABI) s...