ICP 22 Anti-Money Laundering and Combating the Financing of Terrorism
The supervisor requires insurers and intermediaries to take effective measures to combat money laundering and terrorist financing. The supervisor takes effective measures to combat money laundering and terrorist financing.
Part A: Where the insurance supervisor is a designated AML/CFT competent authority
22.1 |
The supervisor:
- has a thorough and comprehensive understanding of the ML/TF risks to which insurers and/or intermediaries are exposed;
- uses available information to assess the ML/TF risks to the insurance sector in its jurisdiction on a regular basis; and
- applies a Risk-Based Approach (RBA) consistent with FATF Recommendations.
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22.2 |
The supervisor:
- issues to insurers and/or intermediaries enforceable means on AML/CFT obligations consistent with the FATF Recommendations, for matters which are not in primary legislation;
- establishes guidance that will assist insurers and/or intermediaries to implement and comply with their respective AML/CFT requirements; and
- provides insurers and/or intermediaries with adequate and appropriate feedback to promote AML/CFT compliance.
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22.3 |
The supervisor has an effective supervisory framework to monitor and enforce compliance by insurers and/or intermediaries with AML/CFT requirements.
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22.4 |
The supervisor regularly reviews the effectiveness of the measures that insurers and/or intermediaries and the supervisor itself are taking on AML/CFT. The supervisor takes any necessary action to improve effectiveness.
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22.5 |
The supervisor has effective mechanisms in place which enable it to cooperate, coordinate and exchange information for AML/CFT purposes with other domestic authorities as well as with supervisors in other jurisdictions.
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Part B: Where the insurance supervisor is not a designated AML/CFT competent authority
22.6 |
The supervisor is aware of and has an understanding of ML/TF risks to which insurers and/or intermediaries are exposed. The supervisor liaises with and seeks to obtain information from the designated competent authority relating to AML/CFT by insurers and intermediaries.
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22.7 |
The supervisor has effective mechanisms in place which enable it to cooperate, coordinate and exchange information for AML/CFT purposes with relevant domestic authorities as well as with supervisors in other jurisdictions.
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