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On March 8, 2016, the Central Bank of Ireland published a report on its anti-money laundering/counter-terrorist financing and financial sanctions compliance observations related to life insurance companies in Ireland. The published report was formed through onsite inspections and offsite desk top reviews carried out by the bank in 2014 and 2015.
The report raises important issues that should be carefully considered by all life insurance companies. Issues identified in the report include weaknesses in the suspicious transaction reporting process, deficiencies in the policies and processes in place, nonadherence to internal policies, and more.
To read the full report, click here.