An insurance institution shall:i.        adopt policies indicating its commitment to comply with AML/CFT obligations under the relevant Acts and Regulations to prevent any transaction that facilitates ML/TF activities.ii.        formulate and implement internal rules, procedures, programs and other controls that will prevent criminals from using its facilities for money laundering, terrorist financing and proliferation of weapons of mass destruction and to ensure that its obligations under the relevant laws and regulations are always met.iii.        be guided by the National Risk Assessment Reports in conducting its respective risk assessments, It shall also provide timely reporting of the AML/CFT risk assessment, ML/TF profile and the effectiveness of risk control and mitigation measures to its Board of Directors. The frequency of repotting shall be determined by the Boards.Appointment of Anti-Money Laundering Reporting Officer and DutiesAn insurance institution shall appoint a person as an Anti- Money Laundering Reporting Officer (AMLRO) who shall be a key management staff of the institution, and who will operationally report to the institution's Board in accordance with section 41(1)(b) of the Anti-Money Laundering Act, 2008 (Act 749) as amended and Regulation 5(1) of L.I.1987.The AMLRO shall receive suspicious or unusual transaction reports from persons handling transactions for the institution and be equipped with the relevant competence, authority and independence to implement the Insurance Institution's AML/CFT compliance program.3 Illicit trafficking in narcotic drugs and psychotropic substances;f)        Illicit arms trafficking;g)        Illicit trafficking in stolen and other goods;h)        Corruption and bribery;i)        Fraud; Counterfeiting currency;k)        Counterfeiting and piracy of products;l)        Environmental crime;m)        Murder, grievous bodily injury;n)        Kidnapping, illegal restraint and hostage-taking;o)        Robbery or theft;p)        Smugglingq)        Tax evasionr)        Extortion;s)        Forgery;t)        Piracy; andu)        Insider trading and market manipulation.