IRCSL hosts industry awareness session on AML/CFT Compliance

The Insurance Regulatory Commission of Sri Lanka (IRCSL) in collaboration with the Financial Intelligence Unit (FIU) hosted an awareness session to the insurance industry on Anti Money Laundering (AML) and Countering the Financing of Terrorism (CFT), on November 6, at the IRCSL Auditorium.

The session was attended by 50 participants representing the Chief Executive Officers, Chief Financial Officers, Principal Officers, Compliance Officers of long-terminsurance companies.

The IRCSL has recently established an AML/CFT dedicated unit, to implement the National Policy on AML/CFT on the insurance sector and to ensure that the industry remains incompliance with AML/CFT legal requirements.

The session was conducted with the aim of increasing awareness on compliance requirements of Customer Due Diligence Rules, No. 01 of 2019 (CDD Rules), with specific focus on identification and reporting Suspicious Transactions and regulatory compliance related to United Nations Security Council Resolutions (UNSCRs), in preparation of the upcoming Mutual Evaluation of Asia Pacific Group which is due on the first quarter of 2026.

IRCSL Director Legal and Enforcement G. Rajan Nirubasingham, commenced the programme followed by the introductory note delivered by Dr. Subhani Keerthiratne, Director-FIU. The sessions on compliance with CDD Rules, identification and reporting Suspicious Transactions and compliance related to UNSCRs were conducted by Theja Pathberiya, Deputy Director-FIU, Supun Gunasekara, Senior Assistant Director-FIU and Kasuni Alahakoon, Assistant Director-FIU respectively.

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