Regulatory Alerts2017-09-27
Regulations amending Finansinspektionen’s regulations regarding insurance business (FFFS 2017:15)
Finansinspektionen issued regulations amending Chapter 2, Section 6 of its insurance business rules to strengthen anti-money laundering requirements for life insurers. The amendments mandate that insurance undertakings include specific descriptions of their money laundering and terrorist financing procedures in their schemes of operations. Additionally, insurers must disclose the identity of the intended key function holder responsible for these compliance measures, with the rules entering into force on 1 August 2017.
Finansinspektionen’s Regulatory Code Publisher: Finansinspektionen, Sweden, www.fi.se ISSN 1102-7460 This translation is furnished for information purposes only and is not itself a legal document. 1 Regulations amending Finansinspektionen’s regulations and general guidelines (FFFS 2015:8) regarding insurance business; decided on 26 June 2017. Finansinspektionen prescribes pursuant to Chapter 7, section 2, point 10 of the Insurance Business Ordinance (2011:257) that Chapter 2, section 6 shall have the following wording. Chapter 2 Section 6 A scheme of operations for an insurance undertaking that is to conduct life insurance business, in addition to the stipulations of section 3, shall contain
- a specific description of the content of the procedures and guidelines regarding measures against money laundering and terrorist financing that the undertaking shall have pursuant to the Act on Measures against Money Laundering and Terrorist Financing (2017:630), and
- information regarding whom the undertaking intends to appoint to be the key function holder regarding measures against money laundering and terrorist financing.
These regulations shall enter into force on 1 August 2017. ERIK THEDÉEN Jenny Stenhammar Gothnier FFFS 2017:15 Published on 30/06/2017