Hallmark Life Insurance Company Limited and Hallmark General Insurance Company Limited [pdf, 83 KB]
...have overall low inherent risk. i. The factors that have been identified as raising the risk of money laundering or terrorism finance with life insurance include where the policy is redeemable without the policyholder dying or being permanently disabled; where the policy issuer does not have face-to-face contact with the customer; and where the customer may not be the ultimate beneficiary of the policy (i.e. the benefits have been assigned to a third person). These factors do not appe...