FATF Draft Guidance for life insurance and securities sectors on risk-based approaches to AML and CTF begins consultation

  The Financial Action Task Force (FATF) has published two sets of draft guidance for public consultation: The Draft Risk-based approach Guidance for the Life Insurance Sector is aimed at insurers and intermediaries providing life insurance and other investment-related insurance products, as well as countries and their supervisory authorities. The risk-based approach is pivotal to the implementation of the FATF International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (2012). The guidance provides a means of: Outlining the key elements involved in applying a risk-based approach to anti-money laundering (AML) / counter terrorist financing of terrorism (CTF) associated with life insurance; Assisting countries, authorities, insurers and intermediaries in the design and implementation of a risk-based approach to AML / CTF by providing guidelines and examples of current practice. This is approached separately for both private sector…

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