Mensuel de mars 2022 - Assurances

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The life insurance companies’ challenges and best practices in the fight against tax fraud
By Pierre KIRSCH, Partner and Frauke ORTMANN, Director, PwC Luxembourg   Life insurance companies and intermediaries are subject to Anti-Money Laundering and terrorist financing (AML/CFT), as well as Know-Your-Customers (KYC) and Know-Your-Transactions (KYT) obligations and therefore have to collect and review various documentation from their clients to ensure they have a clear understanding of their clients’ activity, source of wealth and source of funds and that there is no risk of money laundering. During the onboarding process of a policyholder, the questionnaire issued by the Commissariat aux Assurances (CAA) in its Circular Letter 18/9 has to be considered for the AML/KYC assessment.   Indeed, since the 1st of September 2019, life insurance...
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