Comment from GFIA (Global Federation of Insurance Associations)
GFIA (Global Federation of Insurance Associations)SupportTrade association
Summary: The Global Federation of Insurance Associations (GFIA) supports the proposed reforms to the Bank Secrecy Act, specifically praising the shift toward a risk-based, outcome-focused AML/CFT framework. They advocate for ensuring that the rules reflect the lower risk profile of many insurance products while requesting further clarification on the roles of offshore AML/CFT support functions.
The GFIA (Global Federation of Insurance Associations) Anti-Money Laundering/Countering Terrorism Financing Working Group has finalised a response to the FinCEN consultation on Proposed Reforms to Anti-Money Laundering and Countering the Financing of Terrorism Programs.
Please find the response attached.
Best regards
The GFIA Secretariat