Legislation: Draft life insurance anti-money laundering guidelines

Comment is sought by 29 March on a draft Financial Intelligence Centre public compliance communication focusing on the obligations of accountable institutions offering life insurance products and/or related intermediary services, reports Pam Saxby for Legalbrief Policy Watch.  According to an accompanying media statement, this is especially noting the money laundering and terrorist financing risks understood to be associated with nominated beneficiaries in the context of life insurance product pay-outs. Released yesterday, the proposed new guidelines also cover client risk assessments and reporting on suspicious or unusual transactions. Legalbrief Today subscribers are referred to the compliance guidance section of the Financial Intelligence Centre website for the final versions of any draft public compliance communications featured in Policy Watch reports.