Insurers Raise Doubts Over Draft EU Money-Laundering Rules

Law360, London (June 12, 2020, 1:22 PM BST) -- European insurers raised concerns on Friday over proposed new money laundering protections that could lead to them being required to hold group-wide records of clients for multiple business entities.

Trade body Insurance Europe said that parts of the draft rules, which would apply to life insurers, are "not a viable solution" for many businesses in the sector. The group was responding to a consultation launched by the European Banking Authority, which has proposed a tougher set of guidelines for financial institutions and supervisors across the bloc.

The authority wants to tackle what it has described as a "constant stream" of high-profile money laundering cases...

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