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Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) Guidelines for Insurance Institutions

General Requirements

Insurance institutions must have effective policies, procedures, and controls to prevent money laundering and terrorist financing.

I. AML/CFT Policies

• Develop and implement effective AML/CFT policies.
• Regularly review policies and procedures to ensure they remain effective.

II. Group-Wide Programs

• Implement group-wide programs against money laundering and terrorist financing, including sharing information within the group.
• Ensure consistency with home country requirements for foreign branches and subsidiaries.

III. Risk Assessment

• Identify and assess money laundering and terrorist financing risks.
• Document risk assessments and keep them up to date.
• Use a risk-based approach, proportional to the institution’s size and business.

IV. Customer Acceptance

• Assess customer risk profile prior to establishing a business relationship.
• Consider factors such as:
  • Product characteristics
  • Purpose of the business relationship
  • Nature of the business relationship

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