Regulatory Alerts2014-06-08
Added · Updated
Amended Anti-Money Laundering and Counter-Terrorist Financing Instructions for Insurance Activities No. 2 of 2018
The Minister of Industry, Trade and Supply amends the 2016 Anti-Money Laundering and Counter-Terrorist Financing Instructions for Insurance Activities by introducing new definitions for control, groups, financial institutions, legal arrangements, trusts, and non-profit entities. The amendments mandate enhanced customer due diligence, including specific identification requirements for legal arrangements and non-profit organizations, and require risk-based reviews every two years. Insurance companies are required to establish independent audit units, implement group-wide AML/CTF programs, and comply with binding UN Security Council resolutions.