IRCSL hosts AML/CFT/PWMD awareness session for insurance sector

The Insurance Regulatory Commission of Sri Lanka (IRCSL) recently conducted a landmark awareness session on the obligations of the insurance sector regarding Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation of Weapons of Mass Destruction (AML/CFT/PWMD) compliance.

The session targeted Board members, senior management, and compliance staff of life and general insurance companies, as well as insurance brokers operating in the sector.

Organized in collaboration with the Financial Intelligence Unit (FIU), and with the support of the Insurance Association of Sri Lanka (IASL) and the Sri Lanka Insurance Brokers Association (SLIBA), the session was held virtually via MS Teams to accommodate participants from both Sri Lanka and abroad.

The FIU Director provided an in-depth briefing on the AML/CFT/PWMD legal framework, Mutual Evaluation (ME) assessments, National Risk Assessment findings, reporting obligations, mock evaluation recommendations, and practical examples illustrating the consequences of non-compliance, including the risk of being black- or gray-listed.

The interactive session drew participation from 589 individuals, who engaged actively with the keynote speaker during a dedicated Q&A segment.

For more information, visit www.ircsl.gov.lk or email [email protected]

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