Underwriters seek faculty for AML/CFT training

DG NIA, Sunday Thomas

Chuks Udo Okonta

The Risk Management and Compliance Committee of the Nigerian Insurers Association (NIA) has said it will collaborate with other committee to develop a faculty within the association that will help train operators on Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT).

In a report submitted to the association, the committee stated that the envisaged faculty will consist of certified Anti-money Laundering Specialists (CAMS) that will be recognised and registered with the National Insurance Commission (NAICOM).

It noted that the faculty will help moderate training cost on AML/CFT and ERM to reduce the overall compliance cost among member companies.

The committee also said it hopes to sponsor a bill to the NIA’s Governing Council on the need to make membership of Risk Management and Compliance Committee requirement for all member companies.

It will be recalled that about 40 insurance firms were sanctioned by the NAICOM in 2012, over failure to submit their training plans on AML/CFT.

The Assistant Director Inspectorate NAICOM, Sam Onyeka, said the commission takes the issue of anti-money laundering and combating financing of terrorism compliance seriously, adding that measures that would enable all the operators to have a harmonised reporting system has been put in place.

He said: "NAICOM takes the issue of   anti-money laundering and combating financing of terrorism compliance seriously, many companies were sanctioned for failure to submit their training plans on time as required. About 40 companies were sanctioned last year for failing to send in their training plans as required.

"Basically we have three types of reports - suspicious, currency and foreign transactions. Before now, the reporting system has not been uniform, some people report using information technology platforms while others report using copy versions. But now, we want to synchronise it, we want everybody to come on the information technology platform."

He said NAICOM would continue to improve on the level of anti-money laundering and combating financing of terrorism compliance in collaboration with the Nigerian Financial Intelligence Unit (NFIU).