The SGV Financial Services Organization (FSO) conducted Module 2B of the SGV Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) Webinar Series on 27 November. The webinar covered the risk management framework for insurance companies. AML Council Executive Director Atty. Mel Georgie Racela delivered the opening remarks and welcomed over 40 participants composed of representatives from insurance companies. FSO Associate Damlouie Valladolid hosted the session.
SGV FSO Partner Veronica A. Balisi (VAB) and Associate Director Erika Gaanan Teh began the session with a refresher on money laundering, terrorist financing, and proliferation financing followed by a discussion on the results of the 2nd National Risk Assessment (NRA) and Insurance Typologies. They then spoke on updates and key elements of the local AML/CTF framework and the structure and preventive measures for companies engaged in the insurance industry.