Corporate Policies
Compliance
KBZMS General Insurance Co., Ltd is committed to prevention of Money Laundering and the Financing of Terrorism. Money Laundering is regarded as a major concern and crime to the governments and regulatory authorities all over the world. As such, KBZ MS has written up an AML/CFT policy and has implemented the necessary procedures based on the policy.
The purpose of the Anti-Money Laundering (AML)/Combating the Financing of Terrorism (CFT) policy is to help prevent, detect and report suspicious activity including the predicate offenses to money laundering and terrorist financing. The policy is also to deter other illegal trades and to guide the employees in the effective and efficient discharge of their duties to ensure compliance with the rules and regulations.
The purpose of this policy is to comply with all the laws, rules, regulations, directives and instructions effected and enforced by the Government of the Republic of the Union of Myanmar and its regulatory bodies. The current laws, regulations and directives required to be complied with are as follows
The Anti-Money Laundering Law (The Pyidaungsu Hluttaw Law No.11, 2014)
The Anti-Money Laundering Rules (Notification No. 1201 /2015)
Directive on Customer Due Diligence for Anti-Money Laundering and Combating the Financing of Terrorism to be complied by The Insurer, Agent and Broker (IBRB Directive No.4/2019)
Directive on Disclosure of Beneficial Ownership Information (DICA Directive No. 17/2019)
Anti-Money Laundering Order (President Office Order No.45/2019)
Directive for Compliance with High Risk Countries (Central Body on Anti-Money Laundering Directive No.8/2019)
AML/CFT Risk Assessment Guideline (Central Body on Anti-Money Laundering Directive No.2/2020)
Risk Management
KBZMS General Insurance: Committed to Robust Risk Management
At KBZMS General Insurance Co. Ltd., we recognize that effective risk oversight is essential for sound corporate governance and achieving sustained growth. We are committed to a comprehensive risk management framework that safeguards our business and ensures our strategic objectives are met without significant disruptions.
Our Risk Management Framework
Our risk management framework is built upon internationally recognized standards and features a three-lines-of-defense model:
First Line of Defense: Our frontline operational and business units manage risks in their day-to-day activities.
Second Line of Defense: Our risk management and oversight functions ensure the effectiveness of risk management strategies and policies.
Third Line of Defense: Our Internal Audit function offers an impartial assessment to strengthen risk management practices further.
Building a Strong Foundation for Risk Management
KBZMS takes a proactive approach to risk identification and management, leveraging industry best practices and collaborating with highly qualified consultants to develop and maintain a robust risk management foundation. This approach enables us to anticipate and mitigate risks effectively, ensuring business continuity and resilience.
Governance and Oversight
Strong governance and oversight are the cornerstones of our risk management practices. We adhere to industry standards and maintain a clear chain of accountability for managing risk. Our governance structure includes dedicated committees at both the board and management levels to oversee risk management activities, ensuring that risks are appropriately monitored, managed, and reported.
By implementing this robust framework, KBZMS demonstrates its commitment to responsible risk management. We foster a culture of risk awareness across the organization and strive to achieve our strategic objectives for the benefit of all stakeholders. Our approach to risk management ensures that we maintain the trust and confidence of our clients, shareholders, employees, and the broader community.
