On 16 October 2012, the Department of Finance published anti-money laundering guidance specifically for the life assurance sector (the “Guidance”).
The Guidance provides direction on various life assurance products such as protection, savings, investments and pensions and should be read in conjunction with the core guidelines issued by the Department in February 2012.
The Guidance will provide assistance to those involved in the life assurance industry in helping to interpret the risk based approach to anti-money laundering and the relevant due diligence requirements (as outlined under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the “Act”)) which must be undertaken in particular circumstances. The Guidance has not been approved under Section 107 of the Act but will be referred to by the Central Bank in assessing compliance with the Act.
Please click here for the full text of the Guidance.