Course Overview
This course is designed to equip insurance professionals with the knowledge and skills necessary to detect, prevent, and report money laundering and terrorism financing activities. Participants will gain a deep understanding of AML and CTF regulations, compliance requirements, and risk management strategies specific to the insurance industry.
Course Duration:
5 Days
Target Audience:
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Insurance compliance officers
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Risk managers and auditors
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Underwriters and claims assessors
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Legal and regulatory professionals
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Financial crime investigators
Personal Impact:
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Gain expertise in AML and CTF regulations specific to the insurance sector.
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Learn to identify and mitigate financial crime risks.
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Strengthen decision-making skills in compliance and risk management.
Organizational Impact:
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Enhance compliance with global AML and CTF regulations.
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Reduce legal and reputational risks related to financial crimes.
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Strengthen internal controls and risk assessment frameworks.
Course Outline
Course Objectives:
By the end of this training course, participants will be able to:
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Understand AML and CTF regulations and their impact on the insurance industry.
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Recognize red flags and suspicious transactions in insurance operations.
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Implement effective risk-based AML and CTF compliance measures.
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Develop policies and procedures to prevent financial crime.
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Strengthen reporting mechanisms to meet regulatory requirements.
Course Modules
Course Outline:
Module 1: Introduction to AML and CTF in the Insurance Industry
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Overview of money laundering and terrorism financing risks
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The role of insurance in financial crime prevention
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Global AML and CTF regulatory frameworks
Module 2: Regulatory Requirements and Compliance Obligations
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Financial Action Task Force (FATF) recommendations
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Local and international insurance compliance standards
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Legal obligations of insurers under AML and CTF laws
Module 3: Identifying Red Flags and Risk Indicators in Insurance
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Common money laundering and fraud schemes in insurance
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Suspicious transaction patterns in life and non-life insurance
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Case studies on financial crime in the insurance sector
Module 4: Implementing Risk-Based AML and CTF Programs
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Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)
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Know Your Customer (KYC) best practices for insurers
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Risk assessment frameworks for insurance companies
Module 5: Reporting, Investigation, and Compliance Best Practices
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Filing Suspicious Activity Reports (SARs)
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Internal reporting and whistleblowing policies
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Strengthening corporate governance and ethical practices
Related Courses
Course Administration Details
Methodology
These instructor-led training sessions are delivered using a blended learning approach and include presentations, guided practical exercises, web-based tutorials, and group work. Our facilitators are seasoned industry experts with years of experience as professionals and trainers in these fields. All facilitation and course materials are offered in English. Participants should be reasonably proficient in the language.
Accreditation
Upon successful completion of this training, participants will be issued an Indepth Research Institute (IRES) certificate certified by the National Industrial Training Authority (NITA).
Training Venue
The training will be held at IRES Training Centre. The course fee covers the course tuition, training materials, two break refreshments, and lunch. All participants will additionally cater to their travel expenses, visa application, insurance, and other personal expenses.
Accommodation and Airport Transfer
Accommodation and Airport Transfer are arranged upon request. For reservations contact the Training Officer.
Tailor-Made
This training can also be customized to suit the needs of your institution upon request. You can have it delivered in our IRES Training Centre or at a convenient location. For further inquiries, please contact us on:
Payment
Payment should be transferred to the IRES account through a bank on or before the start of the course. Send proof of payment to [email protected]
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