ACAPS: Combating money laundering and terrorism financing

ACAPSOn 12 December 2019, the official gazette published a circular of the Supervisory Authority of Insurance and Social Welfare (ACAPS).

This document sets out the insurance companies’ obligations in the fight against money laundering and the financing of terrorism.

Henceforth, insurance companies have to:

  • develop a system of vigilance and internal intelligence
  • implement a risk-based approach, or a process of vigilance towards customers
  • declare any suspicions to the authority.

A guideline, detailing the events at risk, will soon be published by ACAPS.

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