VAB speaks at MiMAP Executive Session
Financial Services Organization (FSO) Partner Veronica A. Balisi (VAB) was among the speakers at the Governance and Anti-Money Laundering Act Workshop of the Microinsurance MBA Association of the Philippines Inc. (MiMAP) on 21 October. The workshop covered concepts and principles of good corporate governance, the roles of the board and management in a mutual microinsurance context, and compliance and regulatory requirements of the Insurance Commission, especially on the Annual Corporate Governance Report.
VAB presenting at the MiMAP Executive Session
VAB discussed Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF), emphasizing the economic and social consequences of money laundering and terrorism financing. She provided updates and developments on the AML Council’s local regulatory framework and discussed the results of the 3rd Philippine Mutual Evaluation Report (MER) and its follow-up report. She also spoke on the emerging financial crime risks caused by the pandemic, regulator examination expectations and effective AML/CTF governance. She concluded the session with insights on how financial crime can impact the MiMAP and the insurance industry.
Erika speaking at the MiMAP Executive Session
FSO Associate Director Erika Gaanan Teh moderated the session. Participants included AMLC representative Marlon Jerard Paruginog and the newly elected Board of Trustees and senior management of the Mi-MBA members of MiMAP.