Any new rules to fight money laundering/terrorism financing (ML/TF) should only cover life insurance, which has some, albeit very low, exposure to ML/TF risks.
GFIA has today published a position paper
that reiterates its view that policymakers should follow the risk-based
approach promoted by the Financial Action Task Force (FATF) when
developing any new rules regarding anti-money laundering (AML) and
combatting the financing of terrorism (CFT).
However, GFIA is concerned that some stakeholders
are still pushing for AML/CFT rules to also be applied to general
insurance, despite the business’ close to non-existent risk exposure to
ML/TF risks.
Furthermore, applying AML/CTF rules to
general insurance would divert much needed resources and attention from
other much higher risk areas.
GFIA
© GFIA - Global Federation of Insurance Associations
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