Life insurers found wanting in money laundering survey

French life insurers reported around 500 suspicious transactions last year, local banks, on the other hand, flagged more than 10,000 cases over the same period

French life insurers are taking measures against money laundering seriously, but not all of them are as effective as they should be, according to the conclusion of a survey of 132 life companies (including 12 branches of companies domiciled elsewhere in Europe) carried out by the French insurance regulator, Autorite de Controles des Assurances et des Mutuelles (ACAM).