Insurance companies from
now on will have to keep a hawk-eye vigil on large insurance policy holders
according to the new anti-money laundering directive issued by the Insurance
Board (IB).
They have to keep a
detailed report of non-life insurance policy holders who pay an annual premium
exceeding Rs 300,000, and also of life insurance policy holders paying an
annual premium more than Rs 100,000.
The Anti-Money
Laundering and Combating Terrorist Financing Directive 2069 for insurance
companies has asked insurance companies to keep customer due diligence to
prevent the use of insurance policies for money laundering activities.
Earlier in July 2010, central
bank’s Financial Information Unit (FIU) had asked insurance companies, agents
and surveyors to inform FIU regarding transactions exceeding Rs one million
under the Anti-Money Laundering Act-2008.
The insurance regulator
has asked the companies to perform the necessary customer due diligence (CDD)
on customers, beneficial owners and beneficiaries. The companies have been
asked to take enhanced measures with respect to higher risk customers and
monitor and report complex, unusual large transactions, or unusual patterns of
transactions. Likewise, insurance companies have to maintain full business and
transaction records, including CDD data for at least five years.
The company has to
categorise customers based on their profile and product profile. The highly
risky customers include already known criminals among others. Risky customers
include those residing in places infamous for money laundering and corruption,
customers with ambiguous source of income, and those involved in an industry
linked to possible money laundering.
Insurance companies have
to identify the owner and majority stakeholders of the companies that they
issue insurance policies to, in order to keep tabs on their clients.
Money laundering refers
to the act of legitimising the income earned from illegal activities such as
arms and drugs trafficking or through terrorist activities. Money launderers
use valid financial channels all over the world to place and layer their
ill-earned money and then integrate the money into legal channels. To avoid
such activities, the Financial Action Task Force —an inter-governmental global
anti-money laundering body — has made the enactment of anti-money laundering
laws mandatory.
Since Nepal has
committed to abide by the FATF regulation, the country has been enacting the
related laws and regulations to stop the flow of black money into the country
through various channels.
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