The Law on Prevention of Money Laundering and Terrorism Financing (Official Gazette of Montenegro No 14/07 and 04/08, hereinafter referred to as the LPMLTF) defines the Insurance Supervision Agency as one of the institutions having certain competences in the area of prevention of money laundering and terrorism financing, in addition to its competences stipulated by laws governing the insurance sector.
Within that context and in line with obligations stipulated under Article 8, paragraph 3 of the Law on Prevention of Money Laundering and Terrorism Financing, the Council of the Agency adopted on 7 March 2011 the Guidelines on Prevention of Money Laundering and Terrorism Financing Risk Analysis, providing general instructions to companies engaged in life insurance activities on how to develop internal procedures and documents in order to enable this risk to be reduced to a minimum.
In addition to these Guidelines, life insurance companies should comply with general obligations set forth by the Law on Prevention of Money Laundering and Terrorism Financing, such are the obligations to keep a register on data about clients; monitor and analyse transactions during a course of contractual relations with a client; report on transactions exceeding statutory thresholds, report on suspicious transaction using indicators developed using indications set forth in the Agency’s Guidelines; as well as the obligation to appoint persons to be assigned to report to the Administration about these matters and obligation to educate employees to be acquainted with these risks and prevention methods implemented by the company.
The Insurance Supervision Agency is the regulator and competent authority, established under the Law on Insurance (Official Gazette of Montenegro, No 78/06 and 19/07), having competences of supervision over operations of insurance companies, insurance brokerage companies, insurance agency companies, and companies for provision of ancillary insurance services, as well as of natural persons – insurance agents and brokers.
Here you may find an overview of the relevant legislation for this area concerning the insurance sector, as well as links to websites of some relevant national and international institutions engaged in prevention of money laundering and terrorism financing.
- Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)
- Law on Prevention of Money Laundering and Terrorism Financing
- The Guidelines on the Risk Analysis of the Money Loundering and Terrorism Financing in the Insurance Companies
- FATF Special Recommendations on Terrorist Financing
- Special Recommendations on Terrorist Financing