This month the Belzuz Abogados S.L.P.- Sucursal em Portugal Insurance Department alerts for the 4th AML Directive transposition deadline and for the mentioned Directive implications on what pertains the insurance market.
The Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 (4th AML Directive), will redefine the community legal framework on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending the article 25, number 2, d) of the Regulation (EU) No 648/2012 of the European Parliament and of the Council, as well as repealing and substituting the Directive 2005/60/EC (3rd AML Directive) and the Commission Directive 2006/70/EC, that established additional execution measures for the 3rd Directive implementation.
The modifications introduced by the 4th AML Directive will affect the insurance sector, since the Directive shall apply to Portuguese insurance undertakers and insurance intermediaries and to foreign insurance undertakers and intermediaries branches operating on “Life” insurance in Portugal, whether through personal insurance or capital redemption operations commercialization and distribution.
Although the 4th Directive has maintained the 3rd Directive general content it has also complemented and specified several rules on the identification and due diligence measures, namely on what concerns legal persons and beneficial owners, particularly when politically exposed persons are involved or when the operation has an international nature or is entered into through distance means. Alongside with other innovations resulting from the previous framework amendment that will have an impact on the insurance market we stress out the relevance of the establishment of new rules on life insurance and capital redemption operations beneficiaries identification, that will most certainly demand alterations to the contract execution and claims management procedures set up and performed by several insurance undertakers and intermediaries operating in Portugal, even though the new legal framework as a significantly broader impact extent.
Three transposition measures propositions have already been published in Portugal, the most important of which is the law proposal number 72/XIII, aiming to repeal and substitute the law 25/2008, of 5 of June 2008, and that has already passed the first approval stage in the Portuguese legislative body. Although it is not likely for the proposed text, that closely follows the 4th AML Directive and the law 25/2008 contents, to be substantially altered in the final stage approval procedure, many essential aspects of the future legal framework will remain open until the final transposition acts are known. Nevertheless, and notwithstanding the fulfilment or non-fulfilment of the transposition obligation by the Portuguese legislator until the 26th of June, 2017, coming that date many of the 4th Directive rules shall be immediately applicable, such as the mentioned rules on beneficiaries’ identification measures.
The Belzuz Abogados S.L.P.- Sucursal em Portugal Insurance Departmentremains, as always, available to support the insurance undertakers and insurance intermediaries operating in Portugal on the compliance of the new rules that will come into effect on the 26th of June, 2017, when the 4th AML Directive will become fully applicable in the Portuguese legal framework.
Departamento de Derecho del Seguro | Portugal
Belzuz Advogados SLP
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