Decision Notice - Agavero Insurance Limited (2019-12-04)

Summary

This is a Decision Notice issued by CIMA to Agavero Insurance Limited, formally recording the Authority's revocation of the company's Class B (iii) Insurer Licence. It follows an earlier Warning Notice (31 January 2019) and finds the company remained in breach of the Insurance Law and Anti-Money Laundering Regulations.

• Insurance Law breach: Section 6(a): failure to maintain full and proper books and records at its insurance manager's place of business sufficient to explain the company's transactions.
• AML Regulation 8(1)(a): Failure to take steps appropriate to the nature and scale of the business to identify, assess and understand money laundering and terrorist financing risks relating to customers.
• AML Regulation 8(2)(a): Failure to document risk assessments of customers and the controls required to mitigate those risks.
• AML Regulation 11(a): Failure to undertake customer due diligence measures when establishing a business relationship.
• AML Regulation 12(1)(a): Failure to identify customers and verify their identity using reliable, independent source documents, data or information.
• AML Regulation 31(1)(c): Failure to maintain complete and continuous records sufficient to permit reconstruction of individual transactions, including for potential criminal prosecution.

On this basis, CIMA revoked the company's Class B (iii) Insurer Licence under section 24(2)(c) of the Insurance Law, finding under sections 24(1)(d), (f) and (g) that the company had contravened the Law and AMLRs, that its business was not conducted in a fit and proper manner, and that directors Douglas Ryan and Joseph Attias are not fit and proper persons to hold a director position at a licensee. The decision took effect 29 November 2019.

Applies to

Class B (iii) insurers, insurance managers, directors of licensees

Deadlines

• 29 November 2019: Effective date of CIMA's decision to revoke Agavero Insurance Limited's Class B (iii) Insurer Licence.