On Jul. 1, PHI INS reminded entities to attend AML/CFT training.
PHI INS issued an advisory reminding all Insurance Commission regulated entities (ICREs) to attend training on AML/CFT and targeted financial sanctions (TFS).
Follows PHI INS Mar. 2023 issued update regarding portal registration, see #168260.
Procedure
ICREs must implement continuing training programs per AMLA regulations and circular letter 2019-65 to promote AML/CFT awareness among directors, officers, employees.
Furthermore, copies of attendance records, continuing education and training programs must be accessible to PHI INS along with the PHI FIU on request.
In order to stay updated on new AML/CFT regulations, ICREs should attend relevant trainings, including those for AML/CTF Fundamentals as well as TFS in 2024.
Proof of participation must be submitted by Sep. 15, 2024, following registration the learning management system and electronic submission of certificates to PHI INS.
