According to Ms. Ah-Hen, the primary reason for an effective AML/CFT programme include legal compliance, reputation management, protection from criminal prosecution, and not just wanting to handle dirty money. She highlighted the importance of effective customer risk assessment and the category of risk profile for licensees to combat money laundering. In her concluding remarks, she stressed the importance of building a compliance culture in the insurance sector to uphold the reputation of the jurisdiction while at the same time, striking the right balance of regulation.
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