Refinitiv, formerly Thomson Reuters Financial and Risk, and AJMS Global (a Global Consulting firm) organised on 29 October 2018 a seminar entitled “Insurance Industry – Trends in Regulatory and Financial Crime Environment” at the Innovation Lab at Thomson Reuters’ headquarters in Dubai Media City. The event was attended by a large gathering of senior management from insurance companies operating in the United Arab Emirates.
Abhishek Jajoo, CEO of AJMS Global said: “Insurance companies needed to get organized for adopting best practices on Anti Money Laundering and Terrorism Financing. In an increasingly complex and competitive environment, insurance companies are challenged by the need to assimilate new information and processes to embrace innovation at a speed never required before. Continuous learning has become key to not only success but also survival. In addition, new challenges to the insurance industry coming from new financial reporting standards IFRS17 needed urgent attention.”
Mohamed Daoud, Head of Risk Solutions for the MENA region at Refinitiv emphasized the need for insurance companies to come at par with other financial sector institutions to ensure compliance with regulatory expectations on Anti Money Laundering and Terrorism Financing controls and carry out their business with a risk-based approach. He also outlined the systems and tools available which could be used to effectively implement processes to achieve the best results for AML controls.
JP Narainee Singh, Senior Director, AJMS Global updated the audience to the dynamic changes expected in the medical sciences sector, the best way to draft life insurance policies and how the medical insurance sector should be conducted. Increasing, growing life expectancy rates will see clients living beyond 100 years old, while the rise of driverless cars and a decline in accidents will lead to a significant reduction in costs in the motor insurance market.
JP also walked the audience through some of the specific UAE regulatory requirements related to insurance and Anti Money Laundering and Terrorism Financing, and the steps required for them to be implemented effectively.
JP also encouraged the audience to seriously start implementing new Insurance Accounting Standards (IFRS17), which are expected to have a major impact on financial reporting within the insurance industry and will result in many insurance companies having to make serious changes to how they operate.
Al Dhafra Insurance Head of Compliance, Hassan Saleem said “the event was very informative and inspiring and such events help in understanding and highlighting the importance of compliance and AML Controls with regulatory expectations”.
Resident Manager of LIC international, Aniruddha Pande, said “the seminar was an eye opener and changed my perception on AML processes. For the first time the depth of the issue is explained by the team which is otherwise difficult to know through the circulars and regulations”.
About REFINITIV:
Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in over 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community - driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime.
ABOUT AJMS GLOBAL:
AJMS global is a major management consultancy firm focusing on Tax, Regulatory compliance and Risk practice. It is part of Morison Menon group present in the region for last 25 years.
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