Insurance licensees must apply the requirements in this Module to all their branches and subsidiaries, including those operating in another jurisdiction. Where local standards differ, the higher standard must be followed. Insurance licensees must pay particular attention to procedures in branches and subsidiaries in countries that do not or insufficiently apply the FATF Recommendations and Special Recommendations and do not have adequate AML/CFT procedures, systems and controls (see also Section FC-7.1).
Amended: October 2015
Amended: January 2007