Nigeria: Naicom Fights Terrorism Financing in Insurance

by Free Insurance advice on May 11, 2012 · 0 comments

in Insurance in Nigeria, Latest Insurance News

As a result of  increased terrorism activities in Nigeria, the Commission (NAICOM) has introduced mechanisms to check questionable funds gaining entry into Nigeria through the insurance sector.

The Deputy Commissioner, Finance and Administration, Commission (NAICOM), Mr. George Onekhena, disclosed this in Lagos at a two-day seminar on anti- and combating the financing of terrorism, organised by NAICOM for insurance operators.

According to him, NAICOM is ensuring full compliance with the anti- Act by the insurance operators as it is  now mandatory for all to furnish the Financial Intelligence Unit with details of their transaction above a certain limit, failure which attracts fines.

Under the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Compliance Institutions in Nigeria Act, NAICOM said companies are to make a report in writing to the agency in seven days, on a transaction in excess of N5million or its equivalent for an individual, or N10 million for a corporate body. “Non-compliance with this provision is an offence for which the company is liable to a fine in the sum between N250, 000 and N1 million for each day the contravention continues” he said.

Speaking on the sensitisation effort by NAICOM he said NAICOM has produced a manual of the new regulation and are sensitising operators on how to identify the risks in transactions, know the steps to take and the need to comply with regulatory provisions.

 

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