On 8 March 2016, the Central Bank of Ireland (CBI) published a report on Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CTF) and Financial Sanctions (FS) Compliance in the Life Insurance Sector in Ireland.  Based on on-site inspections and off-site desktop reviews conducted during 2014/2015, the report identifies common weaknesses/deficiencies in a range of areas.  Those areas include (a) adherence to AML/CTF and FS policies, (b) suspicious transaction reporting, (c) on-going customer/transaction monitoring, (d) adequacy of documentation related to current policyholders on-boarded prior to July 2010 and (e) policies and processes relating to outsourcing arrangements.  The CBI also sets out practices which it expects firms to meet in order to achieve compliance.  Notably, the CBI expects all regulated firms (not just life assurers) to consider the issues raised, and take them into account in their AML/CTF and FS frameworks.