Anti-money laundering guidelines mustn’t apply to basic insurance – GFIA

Anti-money laundering guidelines mustn’t apply to basic insurance – GFIA – Insurance Canada 2021

Anti-money laundering guidelines shouldn’t be utilized to basic insurance, in keeping with the International Federation of Insurance Associations (GFIA). It believes that basic insurance poses nearly non-existent threat of cash laundering or the financing of terrorism.

The GFIA revealed a place paper Thursday arguing that policymakers ought to observe the risk-based strategy promoted by the Monetary Motion Process Pressure when creating any new anti-money laundering (AML) guidelines and guidelines combating the financing of terrorism (CFT).

The group stated that any new guidelines combating cash laundering (ML) or terrorism financing (TF) ought to solely cowl life insurance, which has some publicity to ML/TF dangers, though the GFIA stated that publicity was fairly low.

“Nevertheless, GFIA is anxious that some stakeholders are nonetheless pushing for AML/CFT guidelines to even be utilized to basic insurance, regardless of its near non-existent publicity to ML/TF dangers,” the federation stated. “Moreover, making use of AML/CTF guidelines to basic insurance would divert a lot wanted assets and a spotlight from different a lot larger threat areas.”

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Anti-money laundering guidelines mustn’t apply to basic insurance – GFIA
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Anti-money laundering guidelines mustn’t apply to basic insurance – GFIA – Insurance Canada 2021