Re-thinking Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Risk Management Breakfast meeting at Golden Tulip Hotel

15th, Aug 2023 Share This

On Tuesday 15th August, 2023, we took part in the “Re-thinking Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Risk Management” Breakfast Meeting at Golden Tulip Hotel. It was organised by Dixtior’s Technology Solutions & Africa Risk Management & Compliance Partners (ARMC). 

In his submission, our CEO - Jonan Kisakye lauded the increasing interest & growth in the micro-insurance category this year where we have so far enlisted 2 new members: Turaco Micro-Insurance & Core Micro-Insurance.

Our CEO, Jonan Kisakye

At the breakfast, we also had representation from our members namely: Mr. Patrick Kimathi – C.E.O of UAP Old Mutual & Mr. John Kavuma – C.E.O of Goldstar Insurance.

Mr. Patrick Kimathi – C.E.O of UAP Old Mutual 

Jonan also noted that last year, members of the association achieved about UGX 1.4 Trillion in Written Premiums and paid Claims to the tune of UGX 1.6 Billion per day, which speaks of how solid they are. 

He also said that this represents the industry’s growth tangent and the improving confidence that the public has in insurance. Jonan also reported that this year’s half year figures (January 2023 - June 2023) show that about UGX 801 Billion have so far been written in Premiums which is indicative of further growth compared to last year that stood at UGX 691 Billion for the same period (January 2022 - June 2022). For further context, growth of Non-Life Insurance Written Premiums stands at 16%, Life Insurance stands at 24% while Medical Insurance has grown from UGX 139 Billion - UGX 156 Billion.

Jonan noted that it is therefore very surprising that the Financial Intelligence Authority (FIA) mentioned in a recently released report that the Insurance Sector is spared when it comes to AML/CFT or the risks that surround Anti-money Laundering despite paying UGX 600 Billion a year in claims.

Jonan Kisakye during his submission.

He added that being spared doesn’t mean that the risk is not there, and that, as a sector, we have been keen on engaging the FIA on how best the law can be amended to ensure that the compliance expectancy from the insurance sector is not as stiff as that expected from the other sectors who have demonstrated that the risks therein are higher.

Jonan also noted that one of the challenges that the UIA membership grapples with, is multiple regulators, which has a direct impact on their expenses. He however pledged to continue engaging with the different stakeholders to arrive at win-win positions.