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FATF Issues Risk-Based Guidance for Life Insurance Companies
By Larissa Bernardes
printThe Financial Action Task Force reiterated its call Monday for anti-money laundering controls by life insurance companies in a report outlining how the industry can apply risk-based checks. The companies and intermediaries that help distribute insurance products should focus their greatest resources on their high-risk vulnerabilities, such as transactions conducted in countries with weak anti-money laundering (AML) controls, according to the Paris-based organization. The report marks the first time that the group, known as FATF, has issued guidance solely focusing on the life insurance sector. Overall, the guidance should prove "helpful" to U.S. insurance companies, which are relatively new to...
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