Our businesses take the detection, prevention and reporting of financial crime very seriously. Our standards of business conduct policy is reinforced by specific measures to tackle the challenge posed by financial crime, which costs industry billions of pounds every year. We have implemented policies that meet the requirements of all applicable legislation, regulatory guidance and industry best practice regarding anti-money laundering, fraud management and malpractice reporting worldwide.

We have a single financial crime network across the group, bringing together expertise on fraud and anti-money laundering. Members of the network receive regular guidance and training on emerging financial crime trends and issues, and receive regular communications which assist in continued and consistent financial crime prevention group-wide.

Significant progress continues to be made in raising awareness and understanding of our financial crime risk around the group. Regulatory changes, together with the impact of the 3rd EU Directive on anti-money laundering, have reinforced the need to adopt a risk-based approach to financial crime prevention, which has historically underpinned our financial crime management framework.

Many of our businesses follow similar procedures to combat financial crime, as exemplified by our largest business, Norwich Union in the UK. The business shows its commitment to combating financial crime by publishing clear policies on anti-money laundering, fraud management and malpractice reporting. A team of anti-money laundering experts uses training and a dedicated intranet site to help relevant staff to understand how to look out for potential financial crimes, including fraudulent claims and money laundering, and how to help the financial crime, audit or compliance teams or potentially the police to gather the information they need. Finally, a fraud response plan gives all staff and managers clear guidance on what to do if they suspect fraud or malpractice – including the 24-hour Safecall hotline, which makes it easy for them to report any suspicions in confidence.

Our businesses also use a number of additional financial crime tools. In Canada, identity theft is the fastest growing crime. To respond to this, Aviva Canada has begun to offer its customers a new endorsement to their home, tenant and condominium insurance that provides comprehensive coverage against the costs of dealing with identity theft. In addition, the business also provides tips on how to reduce exposure and, should a customer fall victim to identity theft, will provide appropriate assistance.