Chuks Udo Okonta
The Risk Management and Compliance Committee of the Nigerian Insurers
Association (NIA) has said the Anti-Money Laundering/Combating Financing of
Terrorism (AML/CFT) reporting formats of the National Insurance Commission (NAICOM)
are often cumbersome leading to delays in submission of returns.
The report submitted by the Aduloju Temilolu
led committee to the association, stated that the cumbersome nature of the formats
led to instances of considerable re-configuration of reporting entities’ systems
and processes.
Commenting on the observed
challenges faced by underwriters in 2013, the committee said: “Report formats
from NAIOCM are often cumbersome, requiring in some instances, considerable
re-configuration of reporting entities’ systems and processes. This accounts
for delays in returns submission.”
The committee noted that uploading of Currency
Transactions Report (CTR) and Suspicious Transaction Report (STR) on the Nigerian
Financial Intelligence Unit (NFIU) AML platform for validation proved a serious
challenges in 2013 as some requirements and fields were relevant only to the
banking sector.
It also noted that the agency’s website underwent
a few repairs in course of the year, adding that many members could not submit
their reports on-line and such, resorted to manual completion of reports that
are usually not acknowledged. 
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