Stay Alert with Athene’s Financial Crime Programs

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Our goal is to provide valuable information on an ongoing basis that can help in your efforts to prevent, detect and combat financial crime. These valuable tips and resources can help you understand your obligations.

Anti-Fraud:

California: The California Department of Insurance has issued new education, forms and reporting requirements for Financial Professionals with resident or non-resident licenses. Learn more about your responsibilities when it comes to protecting clients residing in California from fraud.

All states: Pressure, opportunity and rationalization can cause someone to commit fraud.
The fraud triangle is a model for explaining the factors that cause someone to commit fraud. Anyone who has the combination of sufficient pressure, adequate opportunity, and an ability to rationalize a dishonest act is at risk of committing fraud.

1. Pressure motivates the crime

Common pressures may include:

  • Inability to pay one’s bills
  • Need to meet earnings to sustain investor confidence
  • Desire for status symbols such as a bigger house, nicer car, etc.

2. Opportunity defines the method by which the crime can be committed

3. Rationalization is how the fraudster justifies the crime

Common rationalizations may include:

  • “I was only borrowing the money”
  • “I was entitled to the money”

Top three forms of fraud identified by Athene:

  • Identity Theft: The use of a person’s identifying information for financial gain
  • Account Takeovers: A form of identity theft that is also known as account compromise
  • Financial Exploitation: Use of assets of a vulnerable person for person’s own benefit — often without the victim’s knowledge

Anti-Money Laundering (AML):

Knowing your customer and collecting pertinent information is an important part your job as a financial professional. Here at Athene, we’ve developed tools you can use to help fulfil this requirement. 

Know Your Customer (KYC) is a requirement under the USA PATRIOT Act of 2001. Under Section 326 of this act, financial institutions must obtain the name, residential/physical address (if an entity), date of birth, social security/tax identification number of each individual or entity wishing to purchase an annuity contract. As a financial professional, you play an important role in obtaining this information.

We’re here to help! If you suspect a financial crime, please contact Athene for assistance: