Kathmandu. Nepal Insurance Authority (NEA) Chairman Sharad Ojha has directed the insurance companies to formulate and implement policies, strategies, systems and standards against money laundering. Addressing a skill enhancement programme organized by the Nepal Insurance Authority (NEA) with the AML/CFT implementation officers of insurers in Kathmandu today, Chairman Ojha directed them to prepare and revise the internal policy and strategy as per the guidelines and directives issued by the AUTHORITY against money laundering.
Chairman Ojha said, “Prevention measures should be strengthened to prevent money laundering in the insurance sector, commitment should be made, risks of insurance, micro insurance and reinsurance can be different, the risk should be evaluated properly, whether it is correct or not, the error should be detected and prevented, the efficiency of risk analysis should be increased.” ”
Stating that the insurance companies should decide in advance whether the source of income of the insured person is right or not and does not have the financial capacity to insure, Chairman Ojha said, “There is a problem in the financial risk assessment of insurance companies, financial risk assessment should be strengthened, whether the financial source of the insured person is right or not, does not have financial capacity, whether the insured property is valid or not. We have to close the way for illegal money, if we can do this, we will be safe. ”
Stating that the work against money laundering is the priority of the state and the priority of the state is also the priority of the AUTHORITY, chairman Ojha directed the insurance companies to adopt preventive measures by improving the structure as per the law so that action against money laundering does not arise in the insurance sector.
Executive Director of Nepal Insurance Authority Sushil Dev Subedi said that the program has been organized with the objective of empowering the insurers against money laundering in the insurance sector.
Chief of financial information unit Basudev Bhattarai said insurance companies should identify risk areas based on subjective risk and make the control mechanism effective to prevent money laundering in the insurance sector.
In his welcome address on the occasion, Director of The Regulation Division of Nepal Insurance Authority Shambha Raj Lamichhane said that the program has been organized to inform the concerned officials of the insurance company in detail about the provisions to be followed for prevention of money laundering in the insurance sector, preventive measures and areas of improvement.
Aml/CFT implementation officers of life insurance company, non-life insurance company, small life insurance company, small non-life insurance company and reinsurance company participated in the program.
