Anti-money laundering

Response to EBA draft anti-money laundering risk factor guidelines published


Insurance Europe has published its response to a consultation by the European Banking Authority on its draft anti-money laundering risk factor guidelines.

Insurance Europe welcomed the updated guidance for life insurers. However, it raised concerns about insurance-specific guidance on risk-reducing factors related to tax relief, as well as guidance related to the identification of the beneficiary.

Insurance Europe also raised concerns over proposed guidance that would require financial institutions to specifically identify customers common to several group entities.