Regulations Governing Implementation of Internal Control and Audit System for Anti-Money Laundering and Countering Terrorism Financing of Insurance Companies, Post Offices Engaging in Simple Life Insurance Business and Other Financial Institutions De Article 8

Insurance companies, post offices engaging in simple life insurance business and other FSC-designated institutions shall establish procedures for screening and hiring high-quality employees, including examining whether the prospective employee has character integrity and the professional knowledge required to perform their duties.The chief AML/CFT compliance officer, the personnel of dedicated AML/CFT unit and the AML/CFT supervisor of domestic business units of insurance companies, post offices engaging in simple life insurance business and other FSC-designated institutions shall possess one of the following qualifications in three (3) months after appointment/assignment to the post and the insurance enterprise shall set out relevant control mechanism to ensure compliance with the provisions hereof:1. Having served as a compliance officer or AML/CFT personnel on a full-time basis for at least three (3) years;2. For chief AML/CFT compliance officers and personnel of dedicated AML/CFT unit, having attended not less than 24 hours of courses offered by institutions recognized by the FSC, passed the exams and received completion certificates therefor; for the AML/CFT supervisors of domestic business units, having attended not less than 12 hours of courses offered by institutions recognized by the FSC, passed the exams and received completion certificates therefor. But chief AML/CFT compliance officers who also act as legal compliance officer or personnel of dedicated AML/CFT unit who also acts as legal compliance personnel are deemed to meet the qualification requirement under this subparagraph after they have attended at least 12 hours of training on AML/CFT offered by institutions recognized by the FSC; or3. Having received a domestic or international AML/CFT professional certificate issued by an institution recognized by the FSC.The chief AML/CFT compliance officer, the personnel of dedicated AML/CFT unit and the AML/CFT supervisor of domestic business units mentioned in the preceding paragraph shall attend not less than 12 hours of training on AML/CFT offered by internal or external training units consented by the chief AML/CFT compliance officer mentioned in Paragraph 1 of Article 6 herein every year. The training shall cover at least newly amended laws and regulations, trends and patterns of money laundering and terrorist financing risks. If the person has obtained a domestic or international AML/CFT professional certificate issued by an institution recognized by the FSC in a year, the certificate may be used to offset the training hours for the year.The AML/CFT supervisor and the AML/CFT officer and personnel of foreign business units of an insurance company, a post office engaging in simple life insurance business or an other FSC-designated institution shall possess professional knowledge in AML/CFT, be well informed in relevant local regulations, and attend not less than 12 hours of training on AML/CFT offered by foreign competent authorities or relevant institutions every year. If no such training is available, the personnel may attend training courses offered by internal or external training units consented by chief AML/CFT compliance officer mentioned in Paragraph 1 of Article 6 herein.Insurance companies, post offices engaging in simple life insurance business and other FSC-designated institutions shall arrange appropriate hours of orientation and on-the-job training of suitable contents on AML/CFT every year in view of the nature of its business for its directors (council members), supervisors, president, legal compliance personnel, internal auditors, business personnel and personnel related to AML/CFT operation to familiarize them with their AML/CFT duties and equip them with the professional knowhow to perform their duties.Individuals practicing as an insurance agent or broker shall attend at least 2 hours of training on AML/CFT a year based on the nature of their business.