Insurers Urge EU Not To Impose AML Bank Rules On Sector

Law360, London (July 29, 2020, 4:48 PM BST) -- Insurers said on Wednesday that they are wary about plans for the European Banking Authority to introduce anti-money laundering rules across the bloc's financial services sector, warning that insurance is exposed to dirty money in a different way than banking. 

A trade body, Insurance Europe, has published a detailed response to a consultation launched in May by the European Commission on its "action plan" for tackling money laundering and terrorist financing. The cost of such crime is high — the United Nations believes that up to 5% of global GDP, or $2 trillion, is laundered every year.

The commission proposes to introduce a single...

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