Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

EU must not extend anti-money laundering rules designed for banks to insurers

07/29/2020 | 02:35am EST

Insurance Europe has today published its response to a consultation by the European Commission on its action plan for a comprehensive EU policy on preventing money laundering (ML) and terrorist financing (TF).

Insurance Europe warned that the action plan should avoid being bank centric and must take account of the fact that, while the banking sector is clearly vulnerable to ML/TF, insurers' business models and products do not lend themselves easily to such operations. In fact, this has been confirmed by the Commission's own assessments.

However, given that the mandate to supervise the whole financial sector -including insurers - was recently given to the European Banking Authority (EBA), there is a real risk that the EBA will enforce a banking-related supervisory approach across all sectors which ignores the vast differences between financial sectors in their exposure to ML/TF risks. This risk will remain even if a new, centralised supervisor is set up to take over this work from the EBA.

Moreover, the allocation of cross-sector jurisdiction to the EBA (or a new centralised authority) challenges the foundation of the European system of financial supervision - which is based on a clear separation of tasks and competences between the European Supervisory Authorities.

Disclaimer

Insurance Europe aisbl published this content on 29 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2020 06:35:08 UTC


© Publicnow 2020
Latest news "Companies"
05:59pNEXT DIGITAL : Hong Kong media tycoon Jimmy Lai denied bail after fraud charge
RE
05:59pRIOCAN REAL ESTATE INVESTMENT TRUST : cuts payouts as COVID-19 challenges outlook for retail real estate
AQ
05:59pCOMINAR REAL ESTATE INVESTMENT TRUST : Announces December 2020 Monthly Distribution
AQ
05:58pTTEC : Declares $2.14 Per Share Special Cash Dividend
PR
05:58pCORETEC : Creating CHS-Enabled High-Intensity LED Lighting for COVID-19 Decontamination
PU
05:51pVALID SOLUÇÕES S A : Payment of Interest related to 7th Debenture Issue
PU
05:51pFIRST HAWAIIAN : FHB Investor Presentation, November / December 2020
PU
05:50pOliveX Holdings Limited Completion of Volution Asset Acquisition
AW
05:49pPETCO : Files Registration Statement for Proposed Initial Public Offering
PR
05:49pBetmakers Technology Group Ltd Sportech Acquisition
AW
Latest news "Companies"