The Council of Europe, in cooperation with the Insurance State Supervision Service of Georgia, conveyed an online training on Anti-money Laundering (AML) and Countering Financing of Terrorism (CFT) Compliance for Insurance Sector gathering 34 representatives of insurance companies and insurance brokers.

This support is part of a series of events aimed to assist the efforts of the national authorities in enhancing AML/CFT compliance and ensuring effective supervision over the financial and non-financial sectors.

The event provided a framework for discussing and sharing common challenges related to the implementation of customer due diligence requirements, identification of beneficial ownership, cooperation with the supervisory authority and the Financial Monitoring Service as well as shortcomings related to the implementation of international sanctions regime and possible implications for the insurance industry. The representatives of the insurance companies were guided through establishing appropriate AML/CFT compliance programs in their entities, taking appropriate measures to mitigate ML/FT risks associated with their clients/customers and application of risk-based control measures.

The Insurance State Supervision Service of Georgia offered further insights regarding main AML/CFT risks associated with the insurance sector in Georgia and possible mitigating actions for ensuring compliance with the regulatory requirements. Emphasis was placed on the importance to allocate sufficient resources for robust AML/CFT internal policies and procedures. 

This event is part of the European Union and the Council of Europe joint programme “Partnership for Good Governance”, co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe, in the framework of the project “Consolidating and Enhancing the Institutional and Operational Frameworks for the Prevention and Combatting of Corruption, Money Laundering and Terrorist Financing in Georgia”.