ACAPS publishes Circular No. AS/03/21 supplementing and amending Circular No. AS/02/19 on due diligence and internal monitoring

The circular of the Supervisory Authority of Insurance and Social Welfare (ACAPS) No. AS/03/21 amending and supplementing circular No. AS/02/19 of 25 September 2019 on due diligence and internal monitoring obligations incumbent on insurance and reinsurance companies and intermediaries in the field of insurance and reinsurance was published in the Official Bulletin on 26 May 2022.

It aims, on the one hand, to align with the amendments made by Law 12.18 amending and supplementing Law 43.05 on the fight against money laundering and to complete the concordance with the standards of the Financial Action Task Force (FATF), and on the other hand, to meet the practical expectations of the insurance sector.

It should be noted that this circular was the subject of a process of consultation with the sector and national partners, including the National Financial Intelligence Authority (ANRF) and financial sector regulators.