An insurance institution shall:i. adopt policies indicating its commitment to comply with AML/CFT obligations under the relevant Acts ...
Notwithstanding an insurance institutions internal policies relating to customer confidentiality and particularly in accordance with the provisions in the Insur ...
CDD is the identification and verification of both the client and ultimate beneficiary including but not limited to continuous monitoring of the business relati ...
Obtain information on the purpose and intended nature of the business relationship of their potential customers.1.4.6 Conduct ongoing due diligence on the busin ...
These include:1. Insurance institutions — provided they are subject to requirements for the combat of money laundering and terrorist ...
An insurance institution that has already commenced the business relationship shall terminate the business relationship and submit a Suspicious Transaction Repo ...
Insurance institutions shall apply CDD requirements to existing policyholders on the basis of materiality and risk and continue to conduct due diligence on such ...
An insurance institution shall satisfy itself that the third party is a regulated and supervised institution and has measures in place to comply with requiremen ...
Insurance institutions that rely on intermediaries or other third parties which have no business relationships or transactions between insurance institutions an ...
An insurance institution shall have a written policy framework to guide and enable its staff monitor, recognize and respond appropriately to suspicious transact ...
Insurance institutions shall report to the FTC all cash transactions within Ghana in any currency and with a threshold of 500 and above (or its foreign currency ...
Institutional PolicyAn insurance institution shall:1. De sign comprehensive employee education and training programs not only to make ...
Insurance institutions shall review, identify and record other areas of potential money laundering risks not covered by the Guidelines and report same half year ...
An insurance institution shall make a policy commitment to subject its AML/CFT Compliance Program to independent-testing or require its internal audit function ...
The ultimate responsibility for AML/CFT compliance is placed on the Board/Executive Management of all insurance institution in Ghana. Consequently, the Board is ...
An insurance institution shall not establish a business relationship until all relevant parties to the relationship have been identified and the nature of the b ...
1. The first requirement of Knowing Your Customer for money laundering purposes is for the insurance institution to satisfy itself th ...
a. Identity generally means a set of attributes such as name(s) used, date of birth and the residential address at which the customer ...
When a policyholder surrenders or cancels his policy, his identity must be verified and recorded if it had not been done previously.In the case of surrender or ...
When an existing customer terminates a policy and buys another, there is no need to verify the identity or address for such a customer unless the name or the ad ...
In order to guard against the dangers of postal-interception and fraud, prospective customers shall not be requested to send originals of their valuable persona ...
Concession may be granted for products or services (where the money laundering risk is considered to be low) in respect of long-term life insurance business or ...
In order to guard against forged or counterfeit-documents, care shall be taken to ensure that documents offered are originals. Copies that are dated and signed ...
(i) For a private individual not resident in Ghana, who wishes to supply documentary information by post, telephone or electronic mea ...
In keeping with the requirements on non-face-to-face customers, or where customers are unable to provide original documentation, an insurance institution shall ...
(i) A refugee and an asylum seeker may require a basic insurance policy without being able to provide evidence of identity. In such c ...
When underwriting policies for students or minors, the normal identification procedures set out in these Guidelines shall be followed as far as possible. Where ...
Establishing Identity - Trust, Nominees and Fiduciaries(i) Trusts, nominee companies and fiduciaries are popular vehicles for criminals wishing to avoid the ide ...
In the case of conventional Ghanaian Trusts, identification evidence shall be obtained for:a) those who have control over the funds ( ...
(i) Identification evidence would not normally be required for the executors/administrators when payment is being made from an establ ...
Solicitors, and insurance intermediaries may purchase policies on behalf Of their clients, Such policies may be purchased on behalf of many clients or a single ...
a) registration number;b) registered corporate name and any trading names used;c) &nbs ...
(i) As with the requirements for private individuals, because of the additional risks with non-face-to-face business, additional proc ...
Where a higher-risk business applicant is seeking to enter into a full insurance relationship or any other business relationship where third party funding and t ...
(i) For private companies undertaking higher risk business (in addition to verifying the legal existence of the business) the princip ...
a. In the case of applications made on behalf of clubs or societies, an insurance institution shall take reasonable steps to satisfy ...
In all transactions undertaken on behalf of an Occupational Pension Scheme where the transaction is not in relation to a long term policy of insurance, the iden ...
The authenticity of applicants that request to purchase insurance or undertake transactions in the name of Ghanaian-resident foreign consulates and any document ...
Who to rely upon and the circumstancesWhilst the responsibility to obtain satisfactory identification evidence rests with the institution that is entering into ...
Insurance institutions shall report to the FTC all cash transactions within Ghana in any currency and with a threshold of and above (or its foreign currency equ ...
In addition to the regulatory sanctions that may be imposed by NIC for breaches of this Guideline, insurance institutions or individual(s) shall be referred to ...
Where new areas of potential money laundering vulnerabilities and risks are identified following a review of the AML/CFT framework, insurance institutions shall ...
Where an intermediary introduces a customer and withdraws from the ensuing relationship altogether, then the underlying customer has become the applicant for th ...
(i) Who should be identified?An insurance institution shall obtain satisfactory identification evidence of new applicants, including ...
Based on the information provided, insurance institutions shall assess the risk profile of their customers taking into consideration the following:• ...
The principal guidance is to look behind the institution to identify those who have control over the business and the entity's assets, including those who have ...
When a professional intermediary establishes an insurance transaction on behalf of a single client or a group of clients, these must be identified.Where the man ...