BIPAR is the European Federation of Insurance Intermediaries, representing the interests of insurance agents and brokers across the EU. In her first appearance at BIPAR, Szego emphasised the role of life insurance intermediaries as gatekeepers to the financial system. She explained that while the sector generally faces moderate or lower money laundering risks compared to other financial sectors, vulnerabilities remain. The Chair illustrated how criminals can exploit the sector through high-value single-premium policies, third-party beneficiaries, and complex layering schemes known as "insurance wrapping."
Szego outlined three key strengths of the new AML framework: harmonisation through a Single Rulebook, a risk-based and proportionate approach, and AMLA's supervisory model combining direct and indirect supervision. She noted that AMLA is developing technical standards and guidelines, starting with mandates most relevant to industry such as Customer Due Diligence procedures.
Szego stressed that insurance intermediaries are essential partners in protecting Europe's financial system, describing them as the first line of defence.
The full speech is available here.