Orishas Finance popularizes the methods of success available to the insurance sector

Orishas Finance organized a webinar on Tuesday, November 9, 2021 on the system for the fight against money laundering and the financing of terrorism and the proliferation of weapons of mass destruction (AML / FTP) and compliance measures. Thus, with its partner Dow Jones, the fintech based in Abidjan exposed to reinsurers, insurers and brokers in the WAEMU and CEMAC zone, the mechanisms to succeed in its risk-based approach in an AML-CFTP framework.

How to better meet the expectations of the new CIMA LBC-FTP regulations? In order to answer this question, the panelists addressed in turn the fundamentals of the new CIMA AML-CFT Regulations, the deviations from international regulations (FATF) as well as the issues of data control and solutions to succeed in its risk-based approach. At the start of the exchanges, the Expert in financial market data and CEO of Orishas Finance, Rilwane Badirou recalled that this is an inclusive and broad discussion on governance, risks and compliance.

In her presentation, Sandrine Soppo Priso, Tax & Legal Partner at Deloitte Cameroon indicates that the new CIMA AML-CFT Regulations are part of a need to deal with a developing insurance sector, to level in relation to the international fundamental principles established by the FATF. According to her, this regulation modernizes definitions and ties to international standards; enshrines the risk-based approach; strengthens the obligation of vigilance in the context of business relationships; among others. "As part of the effective implementation of this risk-based approach, there is a real reminder in line with the recommendations of the Gafi, of a certain number of elements which support the AML-CFT system, namely constraints in terms of organization, governance, information system and internal control”, she underlined. Applicable since March 2, 2021, these regulations take into account the essential recommendations applicable to the insurance sector through the risk-based approach, the organization of the AML / CFT system and internal control, the exercise of vigilance, supervision of recourse to third-party introduction, the power of the control and regulation authority.

Data management, a crucial step in terms of AML / FT

On the quality of data and technology to comply with AML / CFT regulations, Stéphane Thromas, risk and compliance specialist at Dow Jones will say that risks are categorized on three levels, namely high risk, high risk proven and low risk. This categorization makes it possible to know whether a business relationship may present risks. Within Dow Jones, “we have different tools that will allow you to check your entry into a business relationship. We also have sophisticated solutions that will allow you to filter your customer databases on a regular basis to ensure that you are warned beforehand,” explains Stéphane Thromas. To update the databases, Dow Jones has 5 research centers with more than 400 people. Deloitte's global manager, Nicolas Fleuret, presented the challenges of data management and the solutions to succeed with his risk-based approach. According to him, the use of all available data (internal or external) is at the heart of this new approach. Thus, he will say, in order to meet the growing expectations in terms of systems for monitoring the fight against money laundering and the financing of terrorism, the liable people (insurers and banks) are implementing new approaches centered on data platforms with data science tools, case managers, and data reporting and visualization capabilities. Improved detection capability, controlled costs and increased operational efficiency of the AML/CFT alert process are among the benefits of innovative data-centric monitoring tools and technologies.

Finally, Ghislain Kahnd Kouamé, AML-FTP Manager AMSA CI shares his experience in terms of setting up the AML-FT system. Stressing the importance of DATA, he testified that in the fight against money laundering and the financing of terrorism, it is essential to have a good command of data.

Finally, Ghislain Kahnd Kouamé, AML-FTP Manager AMSA CI shares his experience in terms of setting up the AML-FT system. Stressing the importance of DATA, he testified that in the fight against money laundering and the financing of terrorism, it is essential to have a good command of data. "We found a solution which, beyond aggregating, allowed us to carry out a certain number of ad hoc searches, to filter our database", he confided. Since 2016, AMSA CI, a client of Orishas Finance, has regularly been called upon by regulatory bodies in the context of investigations into persons suspected of money laundering or suspicious transactions. Faced with this, Ghislain Kahnd Kouamé indicates that his structure has set up a mode of operation that allowed him to output data through the various tools of the LBC-FTP system.

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