(Economic & Insurance News by Insurance Market 360) -The US Treasury Department’s Office of Foreign Assets Control (OFAC) on 1 October 2020 released an official reminder reminding about the fraud payments and reimbursement and their consequences to the economy and the insurance organizations.
Though, the statutory body did not make any alterations in the existing law, the reminder note publication is of great importance in the current pandemic and vulnerability wherein the probability of manipulations’ are increasing with the use of high end technology and strategies; due to which anti-social activities can increase and adversely affect the economy. It also suggested all the insurance service providers to be extremely keen and aware about the list of “specially designated Nationals and blocked persons” while executing any financial related settlements.
The funds raised from the insurance products by illegal acts can be used to strengthen the criminal, terrorist or cyber attack activities which can create huge damage to the infrastructure, people and the economy in major. In case if anyone is found guilty, agency will ban such entities and process with legal initiations as per the US Law.
In this regard, MARSH has developed strategies’ to address the issues with thorough investigation, recheck and reconfirm before the final settlement is done. Company is also open to do the required facilitation with regard to risk management, precautionary steps to avoid the negative consequences and provide professional way forward services so that insurance providers can play the game safe and secure so as not to fall down and get legally punished!