The International Association of Insurance Supervisors (IAIS) has published an application paper on combating money laundering and terrorist financing (ML/TF). IAIS application papers provide supporting material to specific supervisory documents. This paper aims to provide information and advice on where ML/TF can occur within the life insurance sector and on measures to mitigate the associated risks. It is aimed at supervisors and insurers and is intended to supplement, rather than replace, existing standards and expectations.
The paper endorses the risk-based approach (RBA) and recommendations adopted by the Financial Action Task Force (FATF) and makes the following key points:
Application Paper on Combatting Money Laundering and Terrorist Financing
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