The National Insurance Commission (NIC) and Financial Intelligence Centre (FIC) on Thursday launched an Anti-Money Laundering (AML) and Combating Financial of Terrorism (CFT) guidelines, to curb the threat it poses to the country’s peace, security development and growth.
This comes in the wake of the current spate of liberation and globalisation supported by technological advancement that has brought different dynamics to the global economy with it upsurge in transnational organised crimes.
The launch also follows the enactment of the Anti Money Laundering Ac t 2008 (Act 749) the Terrorism Act 2008 (Act 762) and the subsequent passage of the Anti-money laundering regulations 2011 (L.I. 1987).
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Welcome Address by the Commissioner Of Insurance, Mrs. Nyamikeh Kyiamah, at the Launch of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
The insurance sector, especially insurers and insurance intermediaries underwriting or placing life insurance and other investment-related insurances, among other financial services sector operators, are potentially at risk of being misused, knowingly or unknowingly, for money laundering and the financing of terrorism. In this vein, the insurance sector is exposed to legal, operational and reputational risks. Insurance entities are therefore very crucial in the implementation of AML/CFT requirements.
In view of this, the Insurance Core Principle (ICP) 22 of the International Association of Insurance Supervisors (IAIS) requires the NIC to ensure that insurers and insurance intermediaries take effective measures to combat money laundering and the financing of terrorism. In fact, the NIC itself is required to take effective measures to help combat money laundering and the financing of terrorism and hence the launching of the Guidelines.
Beyond this, the NIC will embark on capacity building initiatives to upgrade its understanding of the risks in relation to money laundering and the financing of terrorism to which insurers and insurance intermediaries are exposed as a result of their activities, and the products and services being offered by them.
Detailed link to the address : here
