CMA Concludes AML Compliance Program for Insurance Companies

In continuation of achieving the objectives of the “Tamkeen” initiative of national cadres in the insurance sector, and with the aim of empowering the employees of  compliance, legal affairs and internal audit departments of insurance companies and brokers,  the Capital Market Authority concludes today (Thursday) the compliance and anti-money laundering program in insurance companies, which comes within the series of annual training programs of the national initiative "Tamkeen", through which the CMNA 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 program was held with the aim of acquainting the  participants with all the laws and legislations related to achieving compliance in insurance companies, as well as introducing 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 emphasizing 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 Capital Market Authority, as regulator, seeks, through the training programs 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.