Regulatory Alerts2020-01-08
FATF Guidance for a Risk-Based Approach for the Life Insurance Sector
The Financial Action Task Force issued this October 2018 guidance to support the implementation of the risk-based approach for anti-money laundering and counter-terrorist financing in the life insurance sector. The document provides specific requirements for private sector entities to identify, assess, and mitigate money laundering and terrorist financing risks through tailored customer due diligence and internal controls. It also outlines supervisory expectations for regulators, emphasizing group-wide risk assessments and the allocation of compliance responsibilities across distribution channels.
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