IRCSL hosts awareness session on AML/CFT compliance for insurance brokers

Monday, 28 July 2025 02:20 - - {{hitsCtrl.values.hits}}

The Insurance Regulatory Commission of Sri Lanka (IRCSL) in collaboration with the Financial Intelligence Unit (FIU) conducted an awareness session to the insurance brokering companies on Anti Money Laundering (AML) and Countering the Financing of Terrorism (CFT), on 4 June at the Auditorium of Center for Banking Studies (CBS) of Central Bank of Sri Lanka. The session was attended by 140 participants representing the Principal Officers and other representatives of insurance brokering companies.

The AML/CFT Unit of the IRCSL, headed by Director Legal and Enforcement Rajan Nirubasingham, organised this session, with the aim of raising awareness of insurance brokering companies in preparation of the upcoming Mutual Evaluation of Asia Pacific Group which is due on the first quarter of 2026. The session covered compliance requirements of Customer Due Diligence Rules, No. 01 of 2019 (CDD Rules) applicable to insurance brokering companies, with specific emphasis on conducting Customer Due Diligence, identification and reporting of Suspicious Transactions and Employee Due Diligence.

IRCSL also took this opportunity to make the insurance brokering companies informed about the recently established division on the Market Intermediary Licensing and Supervision, headed by Director, Chamari Heenatigala, focusing on effective licensing and supervision of the market intermediaries in Sri Lanka.

IRCSL Director General Damayanthi Fernando, FIU Additional Director Dr. Ayesh Ariyasinghe, Deputy Director Theja Pathberiya, IRCSL Director (Legal and Enforcement) G. Rajan Nirubasingham and IRCSL Assistant Director (AML/CFT) Thushari Wijegunawardena contributed as resource personnel to the expert panel. The participants of Insurance Brokering Companies interactively engaged with the discussions throughout the session.

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