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AML/CFT Controls in the Insurance Sector

AML/CFT CONTROLS IN THE INSURANCE SECTOR

September 28-29, 2021 (Virtual Event)
11.00 am to 2.00 pm IST  / 1.30 pm to 4.30 pm SGT

 

It is generally believed that the money laundering and terrorist financing risks for the insurance sector are relatively lower than other sectors such as banking, payment services or gambling, and that insurance products are not very attractive to money launderers. However, in reality, insurance companies offer highly flexible policies and investment products that provide opportunities for customers to deposit and withdraw substantial funds with a relatively minor reduction in value. There is also a risk that the source of funds to purchase insurance may be the proceeds of predicate offences and that the funds withdrawn from insurance contracts could be used to fuel terrorist activities or other serious crimes. As other sectors tighten up AML CFT controls, money launderers are increasingly looking at leveraging sectors with arguably weaker AML/CFT controls, such as the insurance sector.

Speakers

SHIRISH PATHAK
Managing Director
Fintelekt Advisory Services

SITARI JAYASUNDARA
Chief Legal & Compliance Officer/Board Secretary
HNB Assurance, Sri Lanka

DEEPAK KINGER
Chief Risk & Compliance Officer
ICICI Prudential Life Insurance

 

AFGANDI RAFIARTO
Head of Compliance & AML/CTF
Wanaartha Life, Indonesia

 

VIKAS ANAND
CEO & Co-Founder
Emerging InsureTech, India

S SWAMINATHAN
Chief Legal & Compliance Officer and Company Secretary
Tata AIA Life Insurance, India

NICHOLAS TURNER
Of Counsel
Steptoe & Johnson, Hong Kong

JANE LEE
Senior Business Solutions Consultant
LexisNexis Risk Solutions, Singapore

PHONG LE
Head of Risk, Compliance & AML
Novaland Group, Vietnam

NITHI GENESAN
Director Of Compliance
Argus Global, Singapore

DEBMALYA MAITRA
Senior Director BFSI
Chokshi Group, India

LEA ROYALE KABANLIT
Head of Compliance
FWD Life Insurance, Philippines

ANUSHA FERNANDO
Head of Legal, Risk & Compliance
Fairfirst Insurance Sri Lanka

HARSHIT BAXI
Global Head – Internal Audit & Risk Management
Firstsource Solutions

Agenda

DAY 1 - SEPTEMBER 28
DAY 2 - SEPTEMBER 29

11.00 am IST / 1.30 pm SGT
Risk Based Approach to AML/CFT
Panelists:

  • Sitari Jayasundara, Chief Legal & Compliance Officer/Board Secretary, HNB Assurance, Sri Lanka
  • Deepak Kinger, Chief Risk & Compliance Officer, ICICI Prudential Life Insurance
  • Afgandi Rafiarto, Head of Compliance & AML/CTF, Wanaartha Life, Indonesia
  • Vikas Anand, CEO & Co-Founder, Emerging InsureTech, India
  • S Swaminathan, Chief Legal & Compliance Officer and Company Secretary, Tata AIA Life Insurance, India

Key Issues:

  • FATF’s Risk-based approach to AML/CFT
  • Challenges and methodology
  • High-risk products, geographies, customers, and intermediaries
  • Involvement of senior management

12.30 pm IST / 3.00 pm SGT
Suspicious Transaction Reporting for Life Insurance and Reinsurance
Panelists:

  • Nicholas Turner, Of Counsel, Steptoe & Johnson, Hong Kong
  • Jane Lee, Senior Business Solutions Consultant, LexisNexis Risk Solutions, Singapore
  • Phong Le, Head of Risk, Compliance & AML, Novaland Group, Vietnam
  • Nithi Genesan, Director of Compliance, Argus Global, Singapore

Key Issues:

  • Applicable FATF recommendations
  • ML/TF typologies in life insurance
  • Transaction monitoring
  • STR integrity and timeliness
  • Screening for sanctions, payments and PEPs

11.00 am IST / 1.30 pm SGT
Front Line Awareness
Panelists:

  • Debmalya Maitra, Senior Director BFSI, Chokshi Group, India
  • Lea Royale Kabanlit, Head of Compliance, FWD Life Insurance, Philippines
  • Anusha Fernando, Head of Legal, Risk & Compliance, Fairfirst Insurance Sri Lanka

Key Issues:

  • Building a risk-aware culture amongst agency staff and intermediaries
  • Adequate CDD requirements despite insurance being a ‘push’ product
  • Role specific training

12.30 pm IST / 3.00 pm SGT
Financial Fraud Management
Speaker:

  • Harshit Baxi, Global Head – Internal Audit & Risk Management, Firstsource Solutions

Key Issues:

  • Identifying and limiting fraudulent claims
  • Pattern analysis for early fraud detection
  • Creation of fraudulent customer repositories
  • Risks due to outsourcing

Register

Registration is free for this virtual conference. Please click on the following button to register:

All live attendees at the conference will receive a free participation certificate, provided that they attend at least 75% of the conference.

To be eligible for a free participation certificate, you have to be a member of Fintelekt Academy. If you are not a member, kindly make a free registration at Fintelekt Academy by visiting https://fintelekt.academy/register/.

FAQs

What do I need to attend the conference?

The conference will be held on Zoom. You can join the session through a laptop/personal computer, tablet or mobile phone. A stable internet connection (with an average speed of at least 2 mbps) is recommended for uninterrupted streaming.
Please note that some organisations block access to external emails, webinar platforms including Zoom, or audio/visual hardware. Kindly contact the IT team of your organisation to resolve any such issues. Or alternatively, use a personal computer or mobile phone to log in to the session.

How can I provide my suggestions or feedback?

You are welcome to provide your suggestions or feedback about the conference by writing to us at contact@fintelekt.com.