Regulations Governing Anti-Money Laundering of Financial Institutions Article 11

Insurance agents that solicit insurance policies on behalf of insurance companies in accordance with Article 8 of the Insurance Act and insurance brokers that negotiate an insurance policy or provide related services on the basis of the interests of the insured in accordance with Article 9 of the Insurance Act may be exempted from the provisions of ongoing customer due diligence provided in Article 5 and Article 6 herein, the policies and procedures for watch listing filtering provided in Article 8 herein, ongoing monitoring of transactions provided in Article 9 herein and provisions on PEPs in the preceding Article. However if an insurance agent company undertakes underwriting and claim settlement business on behalf of an insurance company, the insurance agent company shall comply with the provisions of these Regulations on insurance company with respect to its policies, procedures and controls for its agency business.