Submission of insurers to AML-FT obligations
The fight against money laundering and the financing of terrorism (AML-FT) has long been a concern of the Prudential Supervision and Resolution Authority (ACPR).
We know that “since 2011, a global compliance analysis of the insurance sector has been carried out, with a reminder of its main obligations” (J. Bigot et al., Insurance distribution3e ed., LGDJ, coll. “Treatise on insurance law”, 2020, t. 2, p. 63) and that the attention paid by the Authority to these questions has never wavered (ibid. ; add ACPR, instr. No. 2017-I-11 of June 26, 2017 relating to information on the system for preventing money laundering and the financing of terrorist activities, consolidated version). This explains why the application of the AML-CFT system occupies a very large part of the activities of the ACPR Sanctions Commission. Thus, of the 102 decisions recorded since 2011, 57 concern this important area of financial legislation (see the ACPR website). Of course, these convictions mainly concern credit establishments. However, insurance organizations are also required to comply with these provisions. Referring to articles L. 310-1 and L. 310-2 of the insurance code (on this point, see T. de Ravel d’Esclapon, in R. Bigot et A. Cayol, Insurance law in tables, pref. D. Noguéro, Ellipses, 2020, p. 58), Article L. 561-2, 2°, of the Monetary and Financial Code subjects insurance companies to the obligations set out in sections 2 to 7 of the chapter of the CMF relating to “obligations relating to the fight against money laundering and the financing of terrorism” (C. mon. fin., art. L. 561-2 to L. 561-44).
It is precisely on the basis of these various obligations that the ACPR has just sentenced the insurance company Abeille Vie to a reprimand and a financial penalty of 3.5 million euros. Since 2011, this is the seventh decision rendered by the Sanctions Commission against an insurance organization regarding AML-CFT provisions. It constitutes the third highest sentence after the 8 million euros handed down against CNP Assurances (ACPR, Comm. sanctions, decision no. 2017-01 of July 26, 2018) and the 5 million euros against Generali Vie ( ACPR, Comm. sanctions, decision no. 2014-07 of July 24, 2005).
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2023-11-12 23:32:32
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