Advised a branch of a supermajor insurer

We are delighted to have supported a branch of a supermajor insurer headquartered in Ireland, which holds a direct insurer (life) license 

Our Business Risk team was engaged to review the implemented remediation of identified AML/CFT issues highlighted by MAS in relation to Notice 314. They performed the following:

• Detailed walkthrough of AML/CFT processes (including onboarding and ongoing monitoring) and samples testing
• Review and sample testing of remediated actions committed to MAS to remediate the identified issue and other matters as per the MAS Letter.
• Review of escalation of breaches and remediation arising from the AML/CFT screening and ongoing monitoring process (from identification till resolution of findings).

Value added

Our Business Risk team identified several gaps following the implementation of the committed remediation actions and process gaps in relation to the AML/CFT process based on our understanding of regulatory expectations. The team also provided the senior management and audit committee with insights into the leading practices to close out the identified gaps. 
 
This has enabled the client to enhance their existing controls and also streamline current processes to increase efficiency and at the same time, meet the regulatory requirements.