ASF Public Consultation – Life Insurance – AML/CFT
EA BriefInsurance
22 December, 2023The Insurance and Pension Funds Supervisory Authority (“ASF”), submitted for public consultation a Draft Regulatory Standard on preventing and combating money laundering and terrorist financing, which aims to adapt the duties and procedures set out in Law no. 83/2017 of 18 August to the nature, size and complexity of the obliged entities supervised by the ASF and to the characteristics of the insurance, insurance distribution and pension fund management business.
The Draft Regulatory Standard establishes as entities subject to its regulatory framework all the players within the Life insurance activity, including (i) pension fund management companies authorized in Portugal; (ii) insurance companies and insurance intermediaries based in Portugal; (iii) Portuguese branches of insurance companies and insurance intermediaries based in another EU Member State; (iv) insurance companies and insurance intermediaries based in another EU Member that carry out activities in Portugal under a EU passport and (v) Portuguese branches of insurance companies and/or insurance intermediaries established in a third (non EU) country.
In terms of normative content, the Draft Regulatory Standard provides for a densification of the obligations and principles set out in Law no. 83/2017, particularly with regard to the policies, procedures and controls provided for in article 12 of Law no. 83/2017; assessment of the effectiveness of AML policies, procedures and controls; the responsibility of the management body; and, most notably, the obligation to submit an annual AML report to the ASF, to be carried out by all obliged entities by April 15th of each year, through the ASF Portal.
Comments on the draft regulatory standard should be submitted in writing, until the 22nd January 2024, to the following email address: consultaspublicas@asf.com.pt.
