Despite being a sector with limited exposure, the European insurance industry is fully committed to efforts to counter money laundering and terrorism financing.
Insurance Europe is highly supportive of the risk-based approach to such efforts that is favoured by both the European Commission and the intergovernmental Financial Action Task Force (FATF). This approach focuses resources on the limited areas of insurance business that could possibly present a risk. It allows companies to target their resources effectively.
“Generally the money-laundering/terrorism-financing risk associated to the life insurance sector is lower than that associated with other financial products or other business sectors.”