Wed 18 Sep 2019

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Anti-Money Laundering Requires Trust in Authentication Infrastructures

The final report pertaining to the research project entitled “Amendment for The Rules and Regulations Regarding Anti-Money Laundering in the Insurance Industry: Problem Identification and Recommendations” was presented in a professional forum at IRC.

Conducted by Life Insurance Research Group at IRC, the study is aimed at identifying the defects and spotting the gaps in the anti-money laundering rules and regulations in the insurance industry and offering relevant recommendations for their possible adjustments.

In this professional forum, the subject and nature of money laundering, other countries’ experience in fighting against such a crime, the results of a comparative study in select countries including Malaysia, India, China, Norway, and Singapore, the Article No. 22, and the World Bank relevant suggestions were presented and discussed, according to PRIAO.

In addition to identifying the effective factors in money laundering risk in the insurance industry, the study takes into account the methods and results of scoring general and peculiarly vulnerable control variables of insurance products related to money laundering.

The results of the research project show that the accessibility of the reliable authentication infrastructures variable gained the highest score in decreasing money laundering risk and the enforcement of official penalties had the lowest score in this regard. Hence, it is recommended that the policymakers and supervisory authorities adopt relevant measures to make the reliable authentication infrastructures more accessible with the aim of fighting against money laundering.

At the end of the forum, the current anti-money laundering directives and bylaws were discussed and some amendments were presented including the authentication method of people with high political risks, institute beneficiaries, legal procedures, surveying and reporting suspicious transactions, input controls, trust in third parties, internal control measures appropriated for the risk level, the nature and volume of the product, and etc.



Time: 2019-08-19
View : 33
News Code : 2223
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