AML/CFT – INSURANCE BUSINESS
Purpose of Programme:
● Explain the how, what and why money is laundered and terrorism is financed
● Provide an overview of the international, regional and domestic bodies that combat money laundering and terrorism financing in the insurance sector
● Provide an understanding of the various risks and vulnerabilities that specific insurance products and services faces
● Explain what is a risk based approach and how to apply this
● Provide an overview of an AML/CTF control framework and how to apply this
Programme Structure:
● Module 1: What is ML and TF? What is Financial Crime?
● Module 2: Regulatory Expectations and Developments
● Module 3: Vulnerabilities and Risks of the Insurance Sector
● Module 4: AML/CFT and the Risk-Based Approach (RBA)
● Module 5: Overview of the AML/CTF Control Framework for Insurance
Learning Objectives and Outcomes:
This course is a focused AML/CTF for Insurance sector, designed to overview and explore the scope and application of Singapore primary legislation and MAS guidance to combat money laundering and terrorism financing. The course includes practical applications and case studies, for the industry perspective.
● Understand what money laundering and terrorist financing is and how these activities take place.
● Understand the similarities and differences between ML and TF
● Understand the wider financial crime landscape including fraud, bribery and corruption, sanctions evasion
● Obtain an understanding of the regulatory landscape including what the primary money laundering offences are. Know where to obtain information regarding best practice and industry standards relating to the insurance sector and AML/CFT
● Understand the specific risks and red flags relating to insurance products and services
● Understand what a risk based approach is and how to conduct a AML/CFT risk assessment.
● Develop an understanding of ‘what good looks like’ from a AML/CFT control framework perspective for the insurance sector.