Kathmandu. KATHMANDU: Citizen Life Insurance Company Limited has successfully completed an orientation program on Prevention of Money Laundering, Terrorist Activities and Financing of Weapons of Mass Destruction. The program was attended by the company’s fundamental shareholders, board of directors and senior management officials.
The program was facilitated by Shambha Raj Lamichhane, Director of Nepal Insurance Authority and Padam Prasad Sodari, Deputy Director. A detailed presentation was made on the national and international standards on combating financial crimes, anti-money laundering and terrorist financing, regulatory expectations and role of the insurance sector.
In the program, discussions were held on the role and responsibilities of the Board of Directors, fundamental shareholders and top management, approval and implementation of AML/CFT policies and procedures, adoption of a risk-based approach, institutional risk assessment, good governance and effective monitoring system, ensuring resources and means required to control AML risks, regulatory reports and compliance management.
Monitoring of cross-border financial transactions, effective control of insurance and reinsurance funds, adherence to international standards and Insurance Core Principles (ICP)-22, transparency on beneficiary ownership, reduction of conflicts of interest, effective implementation of suspicious transaction and activity reporting system, corporate accountability and reputational risk management were also covered in the meeting.
In the inaugural session, Mr. Poshan Raj Poudel, Chief Executive Officer of the company, delivered the welcome speech and pointed out the need to internalize financial system transparency, good governance and regulatory compliance as an integral part of the corporate culture.
Concluding the program, the company’s chairman Pradeep Jung Pandey said that the insurance sector has an important role to play in making the national commitment to combating money laundering and terrorist financing successful. He expressed his commitment that Citizen Life will continue to contribute to make the financial system more transparent, accountable and credible by fully abiding by the legal and regulatory provisions issued by the Government, Insurance Authority of Nepal and the concerned regulatory bodies.
In addition, Nepal needs active support from the private sector to further strengthen its credibility in the international financial system and achieve the goals to be achieved in the field of financial crime control, and the company will work on AML/CFT standards, good governance, risk management, and transparent business practices.
Citizen Life Insurance Company Limited has stated that it will continue with such capacity building and orientation programs in the future with the objective of strengthening regulatory compliance, financial crime control and responsible corporate practices.
