The enforcement actions underscore heightened scrutiny of operational controls and financial reporting at life insurers amid ongoing sccounting reforms.
The Insurance Commission’s new guidelines require insurers to undergo regular risk assessments at least every two years, to strengthen anti-money laundering and counter-terrorism efforts.
The Monetary Authority of Singapore fined Swiss Life and three banks for inadequate anti-money laundering and counter-terrorist financing controls, but found no evidence of willful misconduct.
