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Anti-Money Laundering and Counter-Terrorism Financing

The world economy is affected by money that is illegally acquired and used for illegitimate purposes. Large amounts of money are laundered every year, posing a threat to the global economy and its security.

Sampo and its subsidiaries are subject to stringent anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, as financial service companies tend to be favored channels through which illicit money is laundered. All Sampo Group companies comply with the applicable local AML and CTF rules and legislation, as well as various sanctions regimes imposed by the United Nations and/or the European Union.

The risk of AML and CTF is more significant in life insurance than in P&C insurance. This is reflected in the legislation, as in Sweden, Denmark, Estonia, Latvia, and Lithuania, AML legislation only applies to life insurance. In Norway and Finland, both life and P&C insurance are covered by the legislation. If’s branch offices in France, Germany, the Netherlands, and the UK comply with their respective national AML and CTF legislation.

A defense against money laundering is required by law, but it also goes hand in hand with the insurance business in the sense of good risk selection. As an insurance company, being able to evaluate risks is at the core of business. In order to do that, Sampo Group companies, in some countries, have a legal obligation to know their customers (Know Your Customers, KYC), which means additional processes when working with customers. These obligations are based on legislation intended to, among other things, prevent money laundering, terrorism financing, and financial crimes.

The Sampo Group Code of Conduct and the Sampo Group Guideline for Required Internal Procedures to Prevent Money Laundering and Terrorist Financing set out principles in relation to AML efforts. Neither Sampo nor any of the Group companies enter into business relationships with customers who act contrary to the law or sound business practices. When providing insurance services, Sampo Group companies always follow authority regulations and required due diligence to prevent money laundering, terrorist financing, and other illegal activities.

Further information can be found in the Corporate Responsibility Report (page 20).

Updated 29 Aug 2019