Event focuses on anti-money laundering compliance for insurance companies

Muscat: The Capital Market Authority (CMA) concludes today (Thursday) the compliance and anti-money laundering (AML) programme in insurance companies, which comes within the series of annual training programmes of the national initiative Tamkeen.

The CMA seeks to empower the national cadres in the insurance sector to achieve a sustainability strategy based on strengthening the sector's role in providing an investment environment appropriate to enhance the economic and financial stability in the Sultanate of Oman through qualified and trained national human cadres in various technical aspects of the insurance sector capable of replacing and occupying various technical and senior administrative positions in the various categories of the sector’s companies.

The programme was held to acquaint the participants with all the laws and legislations related to achieving compliance in insurance companies, as well as introduce to them the global systems and approaches used in combating money laundering. It is considered one of the most important training programs in the Tamkeen plan for the year 2023, due to the importance the CMA attaches to corporate governance of the regulated entities to achieve full compliance with all regulations, laws and legislations regulating the sector, and the optimal combating of money laundering and terrorist financing crimes.

The participants learned about the indicators of suspected money laundering crimes in the insurance sector, the activities that constitute money laundering crimes, weaknesses and threats in the insurance sector, in addition to identifying and emphasising the responsibility of senior management in compliance with combating money laundering, and the global approaches based on risk management to enhance compliance and detect and prevent money laundering.

The CMA, as a regulator, seeks, through the training programmes it implements on a permanent and continuous basis, to strengthen its supervisory systems in cooperation with financial institutions in the capital market and insurance sector.