Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) Policy

As an Approved Insurance and Takaful Broker, State is fully compliance with the regulatory AML/CFT requirements. The Company’s Anti-Money Laundering/Counter Financing of Terrorism Policy provides information on policies, procedures and controls for the prevention and detection of money laundering and terrorist financing activities.

All employees are required to comply and familiarise themselves with the AMLA regulations and adhere to the guidelines on “Detection and Monitoring of Suspicious Transactions” and “Reporting of Suspicious Transactions” policy and procedures at all times.

It is mandatory for State to conduct checks on both new and existing customers to identify potential money laundering and terrorist financing activities. Additionally, customer information must be regularly updated and verified to ensure accuracy and compliance.

State is required to adopt and implement the AMLA Compliance Programme framework which includes the following:

1. Documented policies and procedures on Customer Due Diligence (CDD) / Know Your Customer (KYC)
2. Establishment of clear roles and responsibilities of Board of Directors, Designated Compliance Officers, Senior Management, Heads of Business and Support Units
3. Detection, monitoring and reporting of suspicious activities / transactions
4. Record keeping requirements
5. On-going employee training
6. Regular audit of the internal AML/CFT measures to assess the adequacy and effectiveness of the AMLA Compliance Programme