CPD: The AML directives and life assurance business
- To be confirmed
- 17:00–19:00 CET
The most vulnerable insurance product that could fall victim to the laundering of money is life assurance. The reason being that launderers seek legitimate financial services products which they could purchase and thus convert their illegal gains into legitimate ones. Technically, there is no limit as to the sum to be assured on one’s life, and this makes it attractive for the disguising of money by virtue of a life assurance purchase, which is also attractive in itself as it renders attractive returns in the long term.
Although it is not considered as the most lucrative in the “Placing, Layering and Integration” stages, it is nevertheless an option open to money criminals and therefore life assurance company personnel must be fully aware and informed with the developments in this field
Establishing robust Anti Money Laundering & Combatting the Financing of Terrorism procedures and controls requires time, effort and investment in resources especially in the light of changing legislation and EU directives.
Therefore, the session will focus on the AML/CFT obligations of insurers and distributors engaged in the provision of life assurance business as well as highlighting related red flags.
The objective of the session will be to obtain an understanding of the obligations of life insurers in relation to AML/CFT.
The session will be particularly useful for MLROs and compliance personnel at life insurers and distributors of life insurance products.
Dr Diane Bugeja
Trainer(s) bio and experience
Diane practices primarily in financial services law, financial regulation and anti-money laundering regulation, providing advice to local and overseas clients on the impact of the current and forthcoming regulatory regime on their business models. Diane also advises clients on the regulatory aspects of a wide range of transactions, including licensing-related matters, capital markets initiatives and on-going liaison with regulatory authorities more broadly.
Diane joined the firm as an Associate in 2016 and was promoted to Senior Associate in January 2017. She was previously a risk and regulatory consultant at a Big Four audit firm, working in Malta and in London, and subsequently joined the enforcement departments of the UK and Maltese financial services regulators. Diane successfully completed her PhD in Law in 2017.
She is a visiting lecturer at the University of Malta, Insurance Department and is regularly invited to speak at conferences and deliver seminars on various aspects of financial services law and insurance more specifically.