Long-Term Insurers - AML/CFT Guidance
The revised Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 (‘the 2019 Code’) came into operation on 1 June 2019. A copy of the 2019 Code can be found here. A table summarising the main changes within the 2019 Code can be found here.
Also, on 1 June 2019 the Insurance (Anti-Money Laundering) Regulations 2008 and the Guidance Notes on Anti-Money Laundering and Preventing the Financing of Terrorism – for Insurers (Long Term Business) were revoked.
The Authority has been engaged with representatives of the long term insurance sector for some time to develop a revised guidance document for the sector and is now in a position to publish this document, which should be read in conjunction with the AML/CFT Handbook which can be found here.
Work continues in relation to the re-drafting of the entire AML/CFT Handbook to reflect the amendments brought in by the 2019 Code and the Authority is aiming to publish the re-drafted AML/CFT Handbook by the end of Q2 2020.
The long term insurance sector specific document can be found here.