In collaboration with the Financial Intelligence Unit, Sri Lanka's insurance regulator, the Insurance Regulatory Commission of Sri Lanka (IRCSL), raised awareness on anti-money laundering (AML) and countering the financing of terrorism (CFT) among insurance broking companies.
The session covered compliance requirements of Customer Due Diligence Rules, No. 01 of 2019 (CDD Rules) applicable to insurance brokering companies, with specific emphasis on conducting CDD, identification and reporting of suspicious transactions and employee due diligence.
The IRCSL also took the opportunity to inform insurance broking companies about the Market Intermediary Licensing and Supervision division, which was recently established.