{"id":243246,"date":"2022-02-24T15:40:40","date_gmt":"2022-02-24T09:10:40","guid":{"rendered":"https:\/\/ayasompo.com\/elementskit-content\/dynamic-content-widget-0b57d9d-5\/"},"modified":"2025-06-03T10:58:52","modified_gmt":"2025-06-03T04:28:52","slug":"dynamic-content-widget-0b57d9d-5","status":"publish","type":"elementskit_content","link":"https:\/\/ayasompo.com\/en\/elementskit-content\/dynamic-content-widget-0b57d9d-5\/","title":{"rendered":"dynamic-content-widget-0b57d9d-5"},"content":{"rendered":"
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INTRODUCTION<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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AYA SOMPO Insurance is strongly aware that Money Laundering and Terrorist Financing will be highly damaging to an insurance company\u2019s image, reputation and the insurance company may suffer legal risk. The Company is committed to the highest standards of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) compliance and requires management and employees to adhere to these standards to prevent use of our products and services for Money Laundering and Terror Financing purposes.<\/p>

AML\/CFT strategies, goals and objectives will be maintained in an effective Anti-Money Laundering procedures manual for the insurance\u2019s business that reflects the best practices for a financial institution.<\/p>

The Company\u2019s AML\/CFT policy is the responsibility of all staffs. The policy includes client screening and monitoring requirements, \u201cKnow Your Customer (KYC)\u201d policies, Sanction Policies, record keeping requirement, the reporting requirements of threshold transactions and suspicious transactions and AML\/CFT training.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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ELEVANT LAWS AND REGULATION<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The Company is practicing to comply with the following laws and regulations;
1. The Anti-Money Laundering Law of Myanmar (The Pyidaungsu Hluttaw Law No.11\/2014)
2. The Anti-Money Laundering Rule of Myanmar
3. The Counter Terrorism Law of Myanmar
4. IBRB\u2019s Directive No. (4\/2019)
5. Consolidated United Nations Security Council Sanction List
6. Sanction Regulations by Office of Foreign Asset Control (OFAC), U.S. Department Of The Treasury<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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DEFINITION OF MONEY LAUNDERING<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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  1. Money Laundering is defined as the following in Section 3(n) of Anti-Money Laundering Law of Myanmar;
    Converting or transferring of money and property, knowing or having reason to know that it is money and property obtained by illegal means for the purpose of disguising or concealing the source or for the purpose of assisting before or after commission of the offence to any person who is involved in the commission of any offence to evade the legal action;<\/li>
  2. Changing the true nature, source, location and disposition of money and property, knowing or having reason to know that it is money and property obtained by illegal means and conceal or disguise of ownership or rights of such money and property;<\/li>
  3. Acquiring, possessing or using of money and property, knowing or having reason to know at the time of receipt that it is money and property obtained by illegal means;<\/li>
  4. Participating, facilitating, aiding, supporting, managing, counseling, being a member of an organized group in committing, attempting to commit or conspiring to commit any offences.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    KNOW YOUR CUSTOMER (KYC) POLICY<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    1. Know Your Customer (KYC) policy helps to build our relationship with customers. It includes the following processes;\nAcceptance Application Proposal<\/li>\n \t
    2. Proposal Identification<\/li>\n \t
    3. Proposal reviewing process<\/li>\n \t
    4. Specific issue for insurance company<\/li>\n \t
    5. Debit Note issue for Wire Transfers<\/li>\n<\/ol>\nCustomer Due Diligence shall be applied to customers, based upon customer risks, product risks and geographical risks. Enhance Due Diligence shall be applied to high-risk customers. The Company would not do business with shell insurer or AML\/CFT regime country and would not provide the products and services to those.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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      RECORD KEEPING<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      According to the Section 23 of Anti-Money Laundering Law of Myanmar. The Company shall maintain the records of the necessary information at least 5 years under local laws and regulations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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      LOCAL BLACK LIST AND INTERNATIONAL SANCTIONS<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      The Company Sanctions producer is designed to ensure that our company with applicable local black list and international sanction regulations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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      ROLES AND RESPONSIBILITIES OF COMPLIANCE OFFICER<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Compliance Officer of Head Office shall be approved by Chief Executive Officer. Compliance Officer of Head Office are specified in the section 28 (b) of the Anti-Money Laundering Law of Myanmar.<\/p>

      Branch Manager and Head of Department shall be appointed to perform proper AML\/CFT responsibilities of report to Compliance Officer.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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      REPORTING<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Branch Manager and Head of Department are, case by case, receive US$15,000\/- (equivalent MMK 22,000,000\/-) shall be reported to Head of Finance, Head of internal Audit and Compliance Officer.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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      TRAINING<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      All new staff shall receive the AML\/CFT awareness training within six months after an employee has joined the Company. 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