# AMLR Art. 44 — PEP insurance beneficiaries - **Part of:** [[AMLR]] - **FATF keying:** [[FATF R.12 - Politically exposed persons|FATF R.12]] - **Swiss provisions:** [[GwV-FINMA Art. 42 - Swiss Insurance Association SRO rules|GwV-FINMA Art. 42]] - **Detailed citation:** GwV-FINMA Art. 42 ## What it requires Obliged entities must take reasonable measures to determine whether the beneficiaries of a life or other investment-related insurance policy, or the beneficiary's beneficial owner, are politically exposed persons, no later than payout or assignment (in whole or part) of the policy. Where higher risk is identified, in addition to the Article 20 customer due diligence measures, obliged entities must inform senior management before payout of the policy proceeds and apply enhanced scrutiny to the entire business relationship with the policyholder. ## Swiss position GwV-FINMA Art. 42 Abs. 1 makes the rulebook (*Reglement*) of the Swiss Insurance Association's SRO govern insurers' due diligence in direct life insurance; of the ordinance, only Art. 6 and 20 Abs. 5 are reserved (Abs. 2). GwV-FINMA contains no rule on the PEP status of policy beneficiaries. ## Key divergences AMLR Art. 44 creates an insurance-specific PEP screening duty tied to two fixed trigger points - payout and assignment - plus two named enhanced-diligence measures (senior-management notice before payout; enhanced scrutiny of the whole relationship). GwV-FINMA has no counterpart; for life insurers the due-diligence rules are in the SRO Reglement to which Art. 42 refers. ## Authoritative text > [!quote]- Regulation (EU) 2024/1624 (AMLR), Article 44 — English text (EUR-Lex, CELEX 32024R1624) > **Article 44** > *Politically exposed persons who are beneficiaries of insurance policies* > Obliged entities shall take reasonable measures to determine whether the beneficiaries of a life or other investment-related insurance policy or, where relevant, the beneficial owner of the beneficiary are politically exposed persons. Those measures shall be taken no later than at the time of the payout or at the time of the assignment, in whole or in part, of the policy. Where there are higher risks identified, in addition to applying the customer due diligence measures laid down in Article 20, obliged entities shall: > (a) inform senior management before payout of policy proceeds; > (b) conduct enhanced scrutiny of the entire business relationship with the policyholder. ## Sources - AMLR Art. 44 — CELEX 32024R1624 - GwV-FINMA SR 955.033.0, Art. 42