IRA seeks tighter scrutiny of money laundering life insurers

BDMONEYLAUNDERING

Long-term insurers started being subjected to AML/CFT after the IRA in 2023 got the powers to regulate, supervise and report suspicious transactions.

The Insurance Regulatory Authority (IRA) is seeking tighter scrutiny of life insurance business to lower exposure to money laundering and terrorism financing threats.

The regulator says the packaging of life insurance products, also called long-term business, makes them prone to money laundering and terrorism financing threats and tighter supervision is required.

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