GREAT BAY – NAGICO Insurances recently partnered with the Financial Intelligence Unit to host a panel discussion on Anti-money Laundering, Terrorist Financing and Fraud as it relates to St. Maarten and the insurance industry.
This informative session was geared at raising the level of awareness among local agents, brokers and practitioners who form part of the MAGICO network. Chief Risk Officer of NAGICO Kyria Ali, who was one of the presenters, and a Certified Professional Fraud Examiner, said it is important for insurance practitioners, “especially our intermediaries to be aware of the emerging trends of fraud, and Money Laundering and how it can impact our business and the local economy if we do not remain vigilant.”
The session touched on a number of key areas such as: Fraud Indicators (red flags), suspicious transactions, the importance of Regulatory Compliance, the importance of implementation and fraud monitoring procedures, among other useful tools and techniques.
