Anti-money laundering

The insurance industry is dedicated to fighting money laundering and terrorist financing, despite the sector’s relatively low risk exposure. GFIA believes that a risk-based approach is the correct one to take in any international standards regarding anti-money laundering and counter terrorism financing (AML/CTF).

 

GFIA engages with policymakers to ensure that international AML/CTF standards — particularly those of the Financial Action Task Force and the International Association of Insurance Supervisors — appropriately identify any risk exposures in the insurance industry, are proportionate to those risks and are workable for insurers.

 

GFIA also participates in the development of policies and standards to identify, prevent, and combat other financial crimes, such as those related to political corruption, fraud and violations of government-imposed economic sanctions.

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