Current EU AML rules apply to insurance intermediaries where they act with respect to life insurance and other investment-related services and investment firms.

In July 2021, the European Commission presented a package of four legislative proposals to strengthen EU rules on anti-money laundering and countering the financing of terrorism (AML/CFT). The package aims to make the EU AML/CFT framework more effective and adapt it to technological developments such as the use and transfers of crypto currencies.

The Commission’s legislative package does not change the scope of the existing AML/CFT rules. According to Article 2(6)(C) of the proposed “Single Rulebook” Regulation, AML/CFT rules apply to:

- (c) an insurance intermediary as defined in Article 2(1), point (3) of the IDD where it acts with respect to life insurance and other investment-related services,

- (d) an investment firm as defined in Article 4(1), point (1) of MiFID II.