The Insurance Regulatory Authority (IRA) has trained insurance providers on Anti-Money Laundering (AML) regulations to protect financial systems from illicit activities. The one-day workshop guided life insurers and investment-related providers on regulatory compliance under the Proceeds of Crime and Anti-Money Laundering Act, classifying them as “reporting institutions.”
IRA director of supervision Kalai Musee, speaking on behalf of CEO Godfrey Kiptum, emphasized the importance of Know Your Customer (KYC) protocols in preventing financial crimes. He highlighted Kenya’s placement on the Financial Action Task Force’s grey list, urging insurers to strengthen compliance measures to restore confidence in the sector.
The IRA is developing Guidance Notes to refine AML/CFT frameworks within the insurance industry. Musee called on insurers to fast-track Customer Identification Policies to detect and prevent money laundering while improving overall compliance.
