Kathmandu. Sun Nepal Life Insurance Company Limited has conducted a training program on AML/CFT targeting Agency Development Managers (ADMs). The training was conducted by Subhash Bhandari, head of the company’s legal department, as part of the ‘ADM 360° Growth Summit 1.0’ held on May 15 and 20.
In the training, the participants were informed about the existing legal provisions related to controlling money laundering and terrorist financing, regulatory provisions, suspicious transactions and financial discipline.
The program also stressed on the importance of the role of agency to operate the insurance sector in a transparent, responsible and regulatory body’s standard. In addition, practical information about customer identification process (KYC), risk assessment, and suspicious transaction reporting has been provided.
During the training, Chief of Legal Department Subhash Bhandari said that awareness and compliance regarding AML/CFT was very important to control financial crimes and maintain corporate governance. He said that all the agents and managerial levels should be responsible to maintain credibility and transparency in the insurance business.
The participants of the program said that such training has made their understanding of regulatory issues clearer and increased their sense of responsibility in running a business.
Sun Nepal Life Insurance has stated that it will continue such programs in the coming days to further strengthen the knowledge and awareness of the employees and agency structures regarding regulatory system, good governance and financial discipline. Currently, the company has 148 branches and subsidiaries across the country.
