Morocco's Insurance and Social Security Supervisory Authority (Acaps) has just published a second guide to combating money laundering and terrorist financing (LBC/FT). The aim is to constitute a compendium of best practices in the insurance sector in the Kingdom of Morocco.
This document, of about thirty pages, presents and details the objectives and methods of implementing a global risk-based approach in the life insurance market.
It also sets out the risk-based approach to be deployed at the level of life insurance companies and intermediaries, in particular the implementation process of this system as well as the appropriate governance.
This guide complements the first one relating to the duty of care vis-a-vis customers. Both, developed in consultation with the sector, allow for a perfect understanding of the system, with the essential interactions between the risk-based approach and the duty of care vis-a-vis customers.
They are inspired by the relevant legal and regulatory texts, in particular Law 43-05 on combating money laundering and the new Authority circular based on FATF (Financial Action Task Force) standards.
The FATF is an international body whose mission is to develop standards and promote the application of regulatory measures in terms of AML/CFT and other threats to the integrity of the international financial system.