Insurance Europe welcomes the Commission’s proposal for a 4th Anti-Money Laundering (AML) Directive, which was published on 5 February 2013.

Insurance Europe is particularly pleased that the specific characteristics of insurance are recognised in the proposal. The insurance sector is a distinct business with its own risk profile, and we therefore welcome the Commission’s efforts to properly tailor the proposal, such as the recognition that some terms have a different meaning in insurance as compared to, for example, banking, and that the requirements should be different.