|
A
customer proposes to purchase an insurance product
using a cheque drawn on someone else’s account
|
|
A
customer requests an insurance product which appears
to have no real purpose, and is reluctant to give
any reason. |
|
A
customer who has other small policies or transactions
based on regular payment structure, makes a request
to purchase a substantial policy with a lump sum
payment. |
|
There
is a notable increase in a customers’ policy
contributions. |
|
The
customer appears to have a greater interest in the
cancellation and repayment clauses than in the long
term results of a policy. |
|
The
customer makes payment in cash and in small denomination
notes. Also notes being wrapped suspiciously or
smelling musty, may lead to a suspicion. |
|
The
duration of a life insurance contract is proposed
at less than 3 years. |
|
The
first (or single) premium is paid from a bank account
outside Bahrain. |
|
The
customer is willing to accept unfavorable conditions
unrelated to age or health. |
|
The
transaction involves the use and payment of a performance
bond resulting in a cross border payment. |
|
A
new or prospective customer is known to you as having
a questionable reputation |
|
Customer
proposes to purchase a number of policies with premium
amounts slightly less than the required transaction
reporting amount. |
|
Customer
requests that the proceeds of a policy be paid to
a different name |
|
Customer
attempts to purchase policies with instruments/cheques
drawn by a third party, or where third party cheques
are made over to the customer. |
|
Proposed
policies are to be funded by wire transfers from
outside Bahrain, in particular when the country
of origin has no effective anti-money laundering
system. |
