Peak Reinsurance Company Limited, its subsidiaries, branches, and representative offices (collectively, “Peak Re”), are committed to complying with all applicable economic or financial sanctions, legislations, regulations, resolutions, prohibitions and embargoes implemented or enforced by the United Nations, the European Union, the United Kingdom, the United States of America and any other jurisdictions where Peak Re is licensed to conduct business (“Sanctions Laws”).

We are aware that any breach of Sanctions Laws may have a serious impact on our reputation and regulatory relationships, and can impair Peak Re’s ability to transact with our counterparties. Peak Re has established a Group Anti-Money Laundering and Counter Terrorist Financing Policy (“Group AML/CTF Policy”) which defines the minimum standards that Peak Re complies with. These minimum standards include:

• Screening all counterparties against applicable sanctions lists issued by the United Nations, the European Union, the United States of America, the United Kingdom, Hong Kong, Switzerland, Malaysia, Singapore, Bermuda and any other jurisdictions where Peak Re is licensed to conduct business;
• Prohibiting business activities or transactions, including prohibitions on commencing or maintaining business relationships that Peak Re believes may violate Sanctions Laws or the Group AML/CTF Policy. This includes but is not limited to prohibitions on:
  • any business activities or transactions directly or indirectly involving a sanctioned individual or entity;
  • any business activities or transactions directly or indirectly involving comprehensively sanctioned countries, territories, and their governments;
  • engaging in certain business activities involving, directly or indirectly, countries or persons subject to selective or targeted sanctions programmes. These targeted sanctions apply restrictions on specific industries within a sanctioned country or territory;
  • any business activities or transactions that either directly or indirectly benefit any sanctioned individual or entity; and
  • forming any affiliations between Peak Re and any sanctioned individual or entity.
• Reporting breaches of Sanctions Laws and suspicious transactions to relevant regulatory authorities.

In addition, Peak Re may adhere to a more stringent approach than our obligations under applicable laws and regulations to comply with contractual obligations and to protect our reputation and business interests.

Issued by Peak Reinsurance Company Limited

Dated 22 December 2023