3.2. New Products, Practices, and Technologies
Effective from 31/10/2022Under Article 23 of the AML-CFT Decision, an insurance operator is required to identify and assess the ML/FT risks for life insurance and other investment-related insurance products that may arise in relation to:
| • | The development of new products and new business practices, including new delivery mechanisms (such as mobile insurance applications, insurance portals, transaction terminals, and insurance booths); and | |||
| • | The use of new or developing technologies for both new and preexisting products. | |||
An operator must undertake such risk assessments prior to the launch or use of new products, practices, and technologies and must take appropriate measures to manage and mitigate the identified risks. Operators should pay special attention to new products, practices, or technologies that favor anonymity.