Insurance brokers and agents will be required to reveal the identity of policyholders and their sources of income in the latest drive to combat money laundering and flow of illicit money.
A State-backed Bill is seeking to add the brokers and the agents among entities expected to report all transactions above Sh1.1 million to the government and smaller payments that are deemed suspicious.
The move, if approved by Parliament, will see the two join sectors such as banking, stockbrokers and accountants that report large and suspicious cash transactions to the Financial Reporting Centre (FRC) — the agency established in April
2012 to identify and combat money laundering and financing of terrorism.
This article is written and published by Dawit Insurance Agency Limited.