The Anti-Money Laundering and counter the financing of terrorism ("AML/CFT") regulatory framework keeps on evolving and remains a challenge for the insurance sector, while controls from regulators is expected to increase and impose severe sanctions.
The scrutiny of supervisors is not only focusing on the robustness of undertakings and intermediaries control environment such as the AML/CFT governance in place, customer due diligence and transaction monitoring processes but also on the AML/CFT culture within the company at all levels and the “tone from the top” effectiveness. Given the possible sanctions that can be imposed by the regulators and the reputational risk it entails, setting up a strong AML/CFT monitoring process and culture within your organization is key and urgent.
While implementing a strong and resilient AML/CFT framework remains a challenge for many stakeholders of the insurance sector, especially given the insurance specificities, the European Commission is still intensifying the fight against money laudering and financing of terrorism. In July 2021, the European Commission has issued a new regulatory package, AMLD 6, which needs to be monitored closely as it will impact your organisation.
AML/CFT governance framework
Design or review your AML/CFT governance framework.
Set up compliant, effective and efficient AML/CFT controls and monitoring.
Enterprise-wide risk assessment
Support to perform your EWRA (methodology, data collection, reporting).
Training and awareness
Provide AML/CFT training to internal staff (legal, compliance, risk, the business etc.) as well as distribution network.
AML/CFT value chain
Set up or enhance your KYC lifecycle.
Set up an efficient transaction monitoring system.
Support KYC/KYT remediation
Support you within your KYC/KYT remediation program, help you reduce backlogs and enhance the efficiency of the ongoing remediation.
Gap and impact assessment
As the AML/CFT regulatory framework is continuously evolving and becoming more and more challenging, we can assist you with the performance of gap and impact assessments of new regulatory requirements.