The insurance industry is facing constant pressure in today’s high-risk era where identity fraud, OFAC and BSA regulations, money-laundering, are imminent. Dealing with the burdens of the business and providing excellent service cannot be easily achieved without the right tools.

Verification Bureau presents easy to use and highly accurate solutions tailored for U.S. underwriters, brokers, agents, primary insurers, and others who are prohibited from engaging in transactions that involve various countries and entities.

OFAC publishes the following examples of insurance transactions that would be blocked or prohibited:

A life insurance policy naming a resident of Havana, Cuba as any listed beneficiary.
A liability policy covering the pharmaceutical operations of a lab in Bogota, Colombia, which has been named as a specially designated narcotics trafficker.
A property insurance policy written for an international hotel chain which covers hotels in Tehran, Iran.
A marine cargo or "goods in transit" policy insuring a shipment of Iranian crude oil shipped from Egyptian ports to a Spanish buyer.

There are thousands of blocked entities and individuals. Engaging in transactions with any of these may result in fines or even jail time - Fines up to $10,000,000 and imprisonment ranging from 10 to 30 years.