Regulatory Alerts2020-08-19 | 29674Amendment to the Definition of Financial Institutions Under the Proceeds of Crime Act Chapter 11:27
The Insurance Sector regulator has amended the statutory definition of Financial Institutions under the Proceeds of Crime Act (Chapter 11:27). This update broadens the classification of covered entities to ensure comprehensive anti-money laundering compliance across insurance operations. Affected institutions must align their reporting obligations and internal controls with the revised framework to maintain regulatory standing.
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