It is interesting that while the banking sector has placed considerable emphasis on trading partner onboarding, KYC and Customer Lifecycle Management (CLM) generally, Insurance has been slower to address this.

I understand there are less/different compliance requirements for money laundering, sanctions and other regulatory issues but the FCA has highlighted a weakness among many brokers operating models. They may have done due diligence when they first onboarded a carrier but how much effort goes into continuous monitoring of their status? How much continued KYC (know your carrier) activity do they do?

CLM and KYC is not a "one hit" effort. This is something that the banks have great experience of and requires ongoing effort. Good technology solutions make this effort considerably easier and transparent for the regulator too.