Meeting with the insurance sector for the regulatory update

Summary:

On September 13, 2023, the Unit for Financial Information (UIF), the National Superintendency of Insurance (SSN), and the National Coordination for Combating Money Laundering and Financing of Terrorism held a meeting with the insurance sector to discuss the updates brought by Resolution UIF Nu00b0126/2023. The meeting aimed to clarify the changes introduced by the resolution, which updated the guidelines for managing risks of money laundering and financing of terrorism (LA/FT) and the minimum compliance standards that insurance sector entities must adopt and apply. The authorities presented key modifications, including the distinction between those who commercialize life insurance with savings and retirement insurance, and the new automatic update mechanism using the minimum vital and mobile salary. The meeting also highlighted the fact that around 30,000 producers who did not commercialize life insurance with savings will be exempt from being subject to the regulations.