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EU: Insurance Europe publishes response to Commission's action plan on AML/CFT

Insurance Europe announced, on 29 July 2020, that it had issued its response ('the Response') to the European Commission's action plan for a comprehensive EU policy on anti-money laundering and countering terrorist financing ('AML/CFT'). In particular, Insurance Europe outlined that the action plan must take account of the fact that, while the banking sector is clearly vulnerable to AML/CFT, insurers' business models and products do not lend themselves easily to such operations. Therefore, Insurance Europe highlights that there is a risk that the European Banking Authority ('EBA') will enforce a banking-related supervisory approach across all sectors, regardless of their specificities.

You can read the press release here and the Response here.