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From left: Director Nigerian
Financial Intelligence Unit (NFIU) Francis Usani; Director Inspectorate National
Insurance Commission (NAICOM) Barry Thompson and Managing Director Plum
Insurance Brokers Mrs Laide Osijo at the Anti-Money Laundering and Combat of
Financing of Terrorism training for insurance brokers in Lagos.
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Chuks Udo Okonta
In spite the efforts by the national Insurance
Commission (NAICOM) and anti-money laundering agencies, insurance operators are
still having issues complying with Anti-Money Laundering and
Combat of Financing of Terrorism (AML/CFT) rules, Inspen can report.
Director Nigerian Financial
Intelligence Unit (NFIU), Francis Usani at AML/CFT training for insurance and reinsurance
companies, with focus on brokers today Monday, in Lagos, said most operators are still defaulting
on reporting suspicious transactions. He noted that the Unit has intensified
efforts to sensitize the operators to enable them live up to their
responsibilities.
He noted that while the unit continues with the sensitisation, any firm
found violating the law will be sanctioned in line with the provisions of the
law.
Assistant Director
NAICOM Sam Onyeka, said business environment is getting complex and only
institutions that are able to manage their risks efficiently and in particular,
AML/CFT risk will survive.
He noted that AML/CFT
compliance is international obligation, adding that all acts of non compliance
attract sanction which include N1 million and N10, 000 for each day the offence
continues.
He said Know Your Customer (KYC) requirements,
are absolutely compulsory, adding that in line with FATF requirements, NAICOM
will step up AML/CFT regulatory activities for Insurance Brokers.
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From left: Director Inspectorate National Insurance Commission (NAICOM)
Barry Thompson and Managing Director Plum Insurance Brokers Mrs Laide Osijo at
the Anti-Money Laundering and Combat of Financing of Terrorism training for
insurance brokers in Lagos.
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