29/07/2020 (Agence Europe) – The EU must not extend anti-money laundering rules designed for banks to insurers. This was the message conveyed on Wednesday 29 July by Insurance Europe in its response to a public consultation held by the European Commission its action plan on preventing money laundering and terrorist financing (see EUROPE 12482/8). However, the organisation is concerned that the European Banking Authority (EBA), which has recently been given a mandate to supervise the whole financial sector, including insurers, will enforce a banking-related supervisory approach across all sectors, without taking into account the vast differences between financial sectors in terms of their risk exposure. “This risk will remain even if a new, centralised supervisory authority is set up to take over this work from the EBA”. said Insurance Europe. The response to the consultation can be viewed here: https://bit.ly/39CkKHo (MF)