Op-Ed: Beware of fraudulent documents ewnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ewnews.com Daily Mail and Mail on Sunday newspapers.
By Derek Smith Jr
During a recent conversation concerning the complexity of the growing regulatory environment, one position held firm that legal and compliance professionals should be seen as partners in sustainability. Additionally, in the current economically complicated environment, insurers have been required to respond to new risks more successfully, make more substantial commitments and innovate to maintain their market share.
Authorities across the globe have been deploying appropriate safeguards through legislation to ensure the long-term viability of the sector. In The Bahamas, this is particularly true where the Bahamas Insurance Association (BIA) issued new onboarding requirements for general insurance. This notice essentially required a risked-based approach of all insured individuals irrespective of the type of insurance being procured and required accompanying documents aligned with the associated risk rating assigned to the policyholder. This amounted to an increa
Op-Ed: The pathway to being compliant ewnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ewnews.com Daily Mail and Mail on Sunday newspapers.
As families throughout the world prepare to celebrate Christmas and spend time with loved ones, remember that criminals are also preparing for the yuletide season. They understand that 2020 has disrupted the traditional controls deployed by financial institutions, designated non-financial businesses and professionals (DNFBPS), retailers, street vendors, hotels and gaming houses.
A gentle reminder: The Proceeds of Crime Act 2018 (POCA) defines “proceeds” or “proceeds of crime as any funds or property derived from or obtained, directly or indirectly, as a result of or in connection with the commission of any offence, including economic gains and funds or property converted or transformed, in whole in part, into other funds or property. It is immaterial who carried out the criminal conduct; who benefited from it; and whether the criminal conduct occurred before or after the passing of this Act .