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9th May 2021
GFIA says anti-money laundering rules should not be applied to general insurance which poses close to non-existent risk
The Global Federation of Insurance Associations(GFIA) has published a position paper that outlines why policymakers should follow the risk-based approach promoted by the Financial Action Task Force(FATF) when developing any new rules regarding anti-money laundering(AML) and combatting the financing of terrorism(CFT).
Any new rules to fight money laundering/terrorism financing (ML/TF) should only cover life insurance, which has some, albeit very low, exposure to ML/TF risks.
However, GFIA is concerned that some stakeholders are still pushing for AML/CFT rules to also be applied to general insurance, despite its close to non-existent exposure to ML/TF risks.
Furthermore, applying AML/CTF rules to general insurance would divert much needed resources and attention from other much higher risk areas.
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