The Insurance Supervision Institute of Mozambique reported on a set of market outreach and supervisory initiatives in Beira under its Insurance Financial Education Strategy, including its adoption of the Bank Supervision Application to modernise supervision, licensing and operator data management with an anti-money laundering and counter-terrorist financing focus. The Institute held its 12th insurance capacity-building programme for a broad range of professional groups in Beira from 12 to 14 July 2023, targeting public sector staff, private sector participants, justice-sector bodies, religious leaders and provincial financial associations. The programme was positioned as supporting Mozambique’s National Financial Inclusion Strategy by raising insurance knowledge, encouraging implementation of mandatory insurance, promoting an insurance culture, strengthening provincial engagement with the regulator and improving monitoring of local insurance market activity. Alongside the training, the Institute met regional insurance operators to support awareness of money laundering, terrorist financing and proliferation financing risks in line with the Financial Action Task Force’s Immediate Outcome 1.2, and explained that joining the Bank Supervision Application platform, managed by the Bank of Mozambique and customised for insurance, is intended to facilitate supervisory processes, licensing and the maintenance of operator databases to support prevention and enforcement efforts. Separately, the Institute delivered a briefing on compulsory motor third-party liability insurance to traffic police and other local authorities and transport bodies to support implementation of that requirement.

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