Insurance fraud is a growing problem, costing billions globally. Some fraudsters stage fake accidents or manipulate policies to receive fraudulent payouts. Others use high-premium policies to move illicit money through insurance channels.

Common Insurance Fraud Tactics:

Fake Accidents & Claims – Staged accidents, fake injuries, and exaggerated losses. Early Policy Withdrawals – Criminals invest in high-value policies, then cancel early to receive “clean” refunds. Overinsured Assets – Buying excessive coverage for an asset, then filing fraudulent claims.

How GoAML Helps Insurance Companies:

✅ Detects patterns in suspicious claims and financial transactions. ✅ Requires insurers to report large or unusual policy withdrawals. ✅ Helps insurers comply with UAE’s strict AML regulations.

Young & Right – Your GoAML Compliance Partner

We assist insurance companies with GoAML registration and implementation of risk assessment systems to prevent fraud. Our experts guide you in maintaining compliance while protecting your business. Ensure that your legal practice remains above reproach. Contact Young & Right today for expert assistance with GoAML registration and robust compliance solutions.