Application Paper on Combating Money Laundering and Terrorist Financing
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The purpose of this Application Paper is to provide information and advice on how money laundering (ML) and terrorist financing (TF) can occur within the life insurance sector and on measures to mitigate the associated risks.
The paper supports observance of ICP 22 (Anti-Money Laundering and Combating the Financing of Terrorism) and takes into account the FATF (Financial Action Task Force – the intergovernmental global money laundering and terrorist financing standard setter) Recommendations and their “Guidance for a Risk-Based Approach in the Life Insurance Sector". The paper was revised from its original version published in 2013 to reflect subsequent developments, including the adoption of a revised ICP 22 and various updates of the FATF Recommendations.
While Insurance Core Principle (ICP) 22 on Anti-money laundering and combating the financing of terrorism (AML/CFT) and the accompanying standards and guidance apply to insurance supervisors, this paper is directed to life insurers and intermediaries.