Tuesday Jan 07, 2025
Tuesday Jan 07, 2025
Tuesday, 31 December 2024 01:03 - - {{hitsCtrl.values.hits}}
The Insurance Regulatory Commission of Sri Lanka (IRCSL), in collaboration with the Financial Intelligence Unit (FIU), successfully hosted an awareness session to the insurance industry on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) recently at the IRCSL Auditorium.
The session was attended by 50 participants representing the Chief Executive Officers, Chief Financial Officers, Principal Officers, And Compliance Officers of long-term insurance companies.
The IRCSL recently established an AML/CFT dedicated unit to implement the National Policy on AML/CFT on the insurance sector and to ensure that the industry remains in compliance with AML/CFT legal requirements.
The session was conducted with the aim of increasing awareness on compliance requirements of Customer Due Diligence Rules, No. 01 of 2019 (CDD Rules), with specific focus on identification and reporting of suspicious transactions, and regulatory compliance related to United Nations Security Council Resolutions (UNSCRs), in preparation of the upcoming Mutual Evaluation of the Asia Pacific Group, which is due in the first quarter of 2026.
IRCSL Director – Legal and Enforcement G. Rajan Nirubasingham welcomed the gathering and commenced the program, followed by the introductory note delivered by FIU Director Dr. Subhani Keerthiratne. The sessions on compliance with CDD Rules, identification and reporting of suspicious transactions, and compliance related to UNSCRs were conducted by FIU Deputy Director Theja Pathberiya, Senior Assistant Director Supun Gunasekara, and Assistant Director Kasuni Alahakoon, respectively.
Through insightful presentations and interactive discussions, participants gained valuable insights into the effective implementation of measures for AML/CFT.
The fight against money laundering and terrorist financing is an ongoing challenge that requires continuous vigilance and the IRCSL, being the supervisory authority of the insurance industry, will continue to make significant strides in ensuring compliance and providing guidance on AML/CFT.
