ComplianceAid presented at the 33rd Annual Caribbean Insurance Conference in Cancun, Mexico. Ms. Michelle Martin, ComplianceAid President, was the event closing speaker. This conference was organized by the Insurance Association of the Caribbean, LIMRA and LOMA. This year theme was Forging New Frontier.
Ms. Martin presentation was titled 6 months to FATCA: Anti-Money Laundering readiness is imperative. This presentation provided an extensive overview of FATCA as it applies to the insurance industry. Ms. Martin explained how FATCA ties into Anti-Money Laundering programs and how daily operations will be affected.
Participants also learned that Property and Casualty insurance companies and Reinsurers are targetted by FATCA. “The good news for some Caribbean insurance companies is the creation of a category called Local-FFI. Some small insurers may prevail themselves of this simplified process” says Ms. Martin.
The hour-long presentation concluded on the role and responsibilities of board of directors and managements as it pertains to Anti-Money Laundering and Counter Terrorism Financing.