Is your brokerage firm ready for the new AML controls?
In Belgium as in France, the FSMA, the BNB and the ACPR are strengthening oversight of the insurance sector. With the tightening of the European AMLR, simply collecting a KYC form at subscription is no longer sufficient: brokers must now demonstrate continuous and traceable monitoring of their portfolio.
The underestimated risk in the insurance sector
For a broker or an insurance intermediary, AML (LCB-FT) responsibility does not rest solely with partner insurance companies. Regulatory authorities remind that the broker is a primary subject :
Increased vigilance on branch 23 & life insurance: Savings and investment contracts are prime targets for the injection of funds of uncertain origin.
Administrative and disciplinary sanctions: Risk of reprimand, direct financial penalties and prohibition from exercising imposed by the FSMA or the ACPR.
Complexity of beneficiaries: The obligation to identify the subscriber, but also the actual beneficiary of the contract at the time of payment of the benefit or redemption.
THE NEW REGULATORY TRAPS
Branch 23, early redemptions and repatriations: where the FSMA and the ACPR are waiting for you
Repatriation of capital and foreign funds
The arrival of capital from abroad to fund a life insurance contract now requires strict justification of the origin of the funds and tax traceability.
Free payments and partial redemptions (Branch 23)
An atypical fund movement or one that is inconsistent with the declared asset profile triggers an immediate obligation to reassess the risk.
Change of beneficiary during the contract
Modifying the beneficiary clause of a savings contract involves automatic screening of the new beneficiary (Sanctions & PEP) before any validation.
THE 5 PRIORITY ACTIONS FOR THE BROKER
The controls of the supervisory authorities in brokerage no longer stop at surface checks. Here are the 5 operational areas to secure in your firm:
Systematic verification of the policyholder and beneficiaries
Formally identify the policyholders (natural and legal persons) and verify the identity of the designated beneficiaries of life insurance contracts before any payment or redemption.
Mapping of complex structures (UBO)
For contracts taken out by companies (SRL, SCI, SA), map the shareholding chain to identify individuals holding directly or indirectly more than 25% of the shares.
Continuous Screening Sanctions & Politically Exposed Persons (PEP)
Consult the official asset freeze lists (UN, EU, Treasury) and verify the PEP status of the subscriber and beneficiaries throughout the life of the contract.
Risk profile assessment (RBA) and justification of the source of funds
Document the consistency between the declared assets, the client's professional profile, and the amounts invested (notably during free or exceptional payments).
Archiving and Immutable Audit Trail
Retain all identification evidence and risk analysis reports for 5 to 10 years to be able to present a complete file during an FSMA / ACPR inspection.
AMLCO and Senior Responsible Officer: Is your firm compliant?
Under the close supervision of the FSMA and the ACPR, the internal organisation of your brokerage firm is now audited with the same rigor as that of large insurance companies.
Authorities require the formal designation of an AML officer (AMLCO) and a member of management responsible for ensuring strict adherence to anti-money laundering procedures. Beyond client checks, your firm must be able to produce an annual AML activity report and demonstrate ongoing training for its teams. Onbora simplifies this governance by centralising the audit trail of each file and automatically generating the metrics necessary for your AMLCO's work., transforming an organisational constraint into a transparent and 100% compliant routine.
Discover the cost of non-compliance!
A selection of hefty consequences in case of AML/CFT non-compliance. Enjoy the bill!
Financial Sanctions
Regulatory Fine up to €5,000,000
Calculated by the regulator (FSMA, IPI, CNOA), potentially reaching up to 10% of the company's annual turnover.
Personal Liability Personal assets
Direct and unlimited commitment on the personal assets of directors and partners in case of a lack of vigilance.
Major Risks
Criminal Prosecutions
Up to 10 yearsCustodial sentence accompanied by a temporary or permanent ban on practising the profession.
"Name & Shame"
InvaluablePublic and nominative publication of the sanction by the regulatory authority, resulting in an irreparable loss of reputation.
Don't waste time
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Ready to secure your practice and free up time for your clients?
By centralising the screening of underwriters, the analysis of complex UBOs, and the automatic generation of audit evidence, Onbora transforms an anxiety-inducing legal obligation into a true lever of serenity and operational efficiency.