To Research The Risk Of Money Laundering Controlling System Of Gansu Branch Of Pingan Life Insurance Company

Gansu branch of Pingan life insurance has been established in 1998,income of 2016 have already reached 1.17 billion,1/4 of market in Gansu.It's the second largest life insurance company in Gansu province.But it also increases the ratio for crime of money-laundering due to its diversity of selling channels,clarity of the product features and multiple ways of purchasing.Furthermore,internally lack of anti-crime strategy and the gap of rewarding system for relevant department employees,it does not only leave the option for the opportunists and criminals to take advantage of,but also could cause discouragement to staffs' enthusiasm and risk of deducting the efficiency of prevention and control,it is certainly a potential block for company to control anti-money laundering.Therefore,to identify and address the issues by designating,completing company anti-money laundering strategy is the key for company to operate and run sustainably.This study is firstly to analyze the insurance current status and its progress of anti-money laundering by looking into relevant department daily operation for monitoring and recent years company targets and achievements in order to identify the issues and potential risks;To locate the problem for daily monitoring operation by reviewing the company policy,staffing and responsibility for each level;To evaluate the potential risk in company progress workflow of expanding business by analyzing the customer identity verifying and suspicious big amount transaction process;To find the reasons for low efficiency by reviewing the staff qualifying,rewarding system and questionnaire coupled with motivation theory;The analysis of the cause of not enough attention received on anti-money laundering will be presented by looking into the connections between criminal activities and company,relations between relevant staff and company.Secondly,after the analysis of existing problem in applying company money laundering prevention and control strategy,the solution for designating and complete the money laundering control system will be discussed according to the actual company running and operating status.Methodology applied to this study is flow chart analysis,mainly used in venture management,based on the theory of customer focused,departments coordination,work flow all covered and he key aspects of customer identity verifying mode,cooperation flow,department responsibility,standardized verifying system to build a unified customer verifying system in order to resolve the issue of identifying customers while sales activities and underwrite process.Also,a database and suspicious behavior reporting system could be set up according to company policy and requirements by suspicious transaction type and its distinguishing features.By doing so,it can increase the efficiency of process of customer identifying and action of reporting,also it ensures the professionalism on underwrite process and lower the risk of money laundering and in charge of punishment by authority.By utilizing the theory of venture management,introducing the risk evaluating system mode and implementation of the strategies,completing company anti-money laundering strategy;By utilizing the theory of goal setting and motivation,designating company anti-money laundering assessment,rewards and punishment system to encourage staff meeting target and improve performance.In the end,by building a mechanism of collecting anti-money laundering information and data to internally develop checking of anti-money laundering and drafting client grading standards and practically execute anti-money laundering,and with help of analyzing and classifying company product and subsidiaries to complete company evaluating system for money laundering and identify and address issues.Because of convenience of the business operation flow,diversity of the products,complexity of networking and source of fund is untraceable in most situations,along with the internet developing,the methods in use for money laundry changing daily,to use high technology,internet insurance for money laundering become a trend and appears it is the most efficient way.Therefore,for insurance companies to prevent and control the risk of money laundering is to complete company policy,compliantly manage business and run more sustainably.Gansu branch of pingan life insurance has settled assignments and responsibilities to their employees at every level according to anti-money laundering policy but neither the execution strength nor attention is ideal yet especially the staffing on certain positions,money laundering first occurrence and recognition,risk evaluating mode,internet background money laundering,part-time and agent service risk management.Therefore,through the study and analysis of each segment of when company progressing anti-money laundering strategy to identify the matter in order to practically apply solution accordingly.