ACAPS Enhances Anti-Money Laundering and Counter-Terrorism Financing Framework in Insurance Sector

Strengthening Dialogue on AML/CFT Measures

In an effort to enhance awareness and effectiveness in combating money laundering and the financing of terrorism (AML/CFT), the ACAPS organized a significant meeting with various stakeholders in the insurance sector.

The gathering included representatives from the Moroccan Insurance Federation (FMA), the National Federation of Insurance Agents and Brokers in Morocco (FNACAM), as well as insurance and reinsurance companies.

Key contributions came from the National Financial Intelligence Authority (ANRF), the National Commission for the Enforcement of Sanctions related to UN Security Council Resolutions on terrorism and proliferation financing (CNASNU), and the Moroccan Office of Industrial and Commercial Property (OMPIC).

Reviewing Recent Developments in AML/CFT

This meeting took place against the backdrop of Morocco's ongoing efforts to strengthen its national AML/CFT framework, allowing participants to review significant developments over recent years.

The collaborative efforts of national authorities and various sectors have successfully led Morocco to meet its commitments under the enhanced follow-up by the Financial Action Task Force (FATF), culminating in its removal from the grey list in February 2023.

Preparing for Future International Evaluations

Looking ahead, discussions focused on the upcoming mutual evaluation of Morocco scheduled for 2026 by the Middle East and North Africa Financial Action Task Force (MENAFATF), in line with international timelines.

This evaluation will emphasize the sustainability of reforms and the effectiveness of the national AML/CFT framework, particularly within the insurance sector.

Identifying Key Levers for Improvement

The meeting highlighted several key levers to enhance the effectiveness of AML/CFT measures in the insurance sector, especially in light of upcoming international deadlines and the need to update the national risk assessment.

Discussions included the requirements applicable to sector operators, ongoing developments in the national framework, and the operational coordination among relevant stakeholders to strengthen these measures.

Insights from Supervisory Actions

Furthermore, the main conclusions and recommendations from the supervisory actions conducted by ACAPS were presented, providing valuable insights into compliance efforts and the challenges faced in effectively implementing AML/CFT measures within the insurance sector.

This meeting is part of ACAPS's roadmap aimed at enhancing the effectiveness of AML/CFT measures in the insurance sector through vigilance obligations, support for stakeholders, and improved coordination with involved parties.