## 🛡️ Insurance Sector Braced for Global Compliance Standards

The Insurance Regulatory Commission of Sri Lanka (IRCSL), in collaboration with the Financial Intelligence Unit (FIU), conducted a high-level awareness session on AML/CFT/PWMD (Anti-Money Laundering/Countering the Financing of Terrorism/Proliferation of Weapons of Mass Destruction) compliance. The session, held via MS Teams on 17 November 2025, prepared the industry for the upcoming Mutual Evaluation (ME) by global bodies in 2026. • Participation & Reach Total Attendees: 589 professionals, including Board Directors, Senior Management, and Compliance staff. Sectors Represented: Life and General insurance companies, alongside insurance brokering firms. Stakeholders: Supported by the Insurance Association of Sri Lanka (IASL) and Sri Lanka Insurance Brokers Association (SLIBA). • Key Compliance Obligations National Risk Assessment: Insights on the latest legal frameworks and outcomes of the mock evaluation. Risk Mitigation: Emphasis on Customer Due Diligence (CDD), identifying Suspicious Transactions (STRs), and screening against UN Sanction Lists. Consequences of Non-Compliance: Discussion on the economic impact of being "grey/blacklisted," which could affect Sri Lanka’s foreign investment and global financial standing. • Strategic Focus The initiative aims to strengthen the financial services sector's integrity, ensuring the insurance industry contributes to national economic stability through robust oversight and ethical practices. 📈 ---