Nepal Insurance Authority (NEA) Chairman Sharad Ojha has instructed insurance companies to develop and implement robust policies, strategies, systems, and standards to combat money laundering.
Speaking at a skill enhancement programme held in Kathmandu for AML/CFT implementation officers from various insurers, Mr Ojha urged participants to prepare and update their internal policies and strategies in accordance with the guidelines and directives issued by the Authority to effectively address money laundering risks.
“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,” Mr Ojha said.
Mr Ojha emphasised that fighting money laundering is a notable priority for both the state and the Authority.
He called on insurance companies to enhance their organisational structures in line with legal requirements to prevent any occurrence of money laundering within the insurance industry.