# AMLR Art. 47 — Life / investment insurance - **Part of:** [[AMLR]] - **FATF keying:** [[FATF R.10 - Customer due diligence|FATF R.10]] - **Swiss provisions:** [[GwV-FINMA Art. 42 - Swiss Insurance Association SRO rules|GwV-FINMA Art. 42]], [[GwV-FINMA Art. 43 - Exceptions|GwV-FINMA Art. 43]] - **Detailed citation:** GwV-FINMA Art. 42-43 ## What it requires For life or other investment-related insurance business, in addition to due diligence on the customer and beneficial owner, obliged entities must apply defined measures to the beneficiaries once identified or designated: recording the name for specifically named beneficiaries, or gathering enough information to establish identity at payout for beneficiaries designated by class or characteristic. Beneficiary (and beneficial owner) identity is verified at payout; on assignment of the policy, the assignee's beneficial owner must be identified at the time of assignment. ## Swiss position GwV-FINMA Art. 42 and GwV-FINMA Art. 43 sit in Title 4 (insurance institutions): Art. 42 delegates due diligence in direct life insurance and mortgage lending to the Swiss Insurance Association SRO's 25 October 2022 Reglement (GwV-FINMA Art. 6 and Art. 20 Abs. 5 reserved); Art. 43 exempts pillar 2/3a pension contracts and pure risk insurance from GwG due diligence entirely. ## Key divergences AMLR Art. 47 imposes insurance-specific beneficiary duties - record the name of a named beneficiary, or gather enough information to establish identity by payout for a class-designated beneficiary, verified at payout or, on assignment, at the time of assignment. Nothing in GwV-FINMA Art. 42-43 states an equivalent named/class-beneficiary rule directly; that duty, if any, sits in the Swiss Insurance Association SRO's Reglement that Art. 42 delegates to. GwG Art. 5 Abs. 2 partly covers payout: for redeemable insurance, the beneficial owner must be re-established if the person entitled at the insured event or surrender differs from the one at conclusion. Art. 43's blanket carve-out for pillar 2/3a pension contracts and pure risk insurance from all GwG due diligence has no equivalent blanket exemption in AMLR Art. 47, which applies to any life or other investment-related insurance policy without a pension-specific carve-out. ## Further connections *These links come from an article-by-article comparison of the primary texts. They add to the provisions listed at the top of this note and make no equivalence claim.* - [[GwG Art. 5 - Repetition of identification - re-establishing|GwG Art. 5]] — Both look at who benefits from the policy at payout; GwG Art. 5(2) is narrower, applying only to redeemable insurance and only where the person entitled at the insured event or surrender differs from the one at conclusion (re-establishing the beneficial owner), and does not expressly address assignment or class-designated beneficiaries. *(related)* ## Authoritative text > [!quote]- Regulation (EU) 2024/1624 (AMLR), Article 47 — English text (EUR-Lex, CELEX 32024R1624) > **Article 47** > *Specifications for the life and other investment-related insurance sector* > For life or other investment-related insurance business, in addition to the customer due diligence measures required for the customer and the beneficial owner, obliged entities shall apply the following customer due diligence measures on the beneficiaries of life insurance and other investment-related insurance policies, as soon as the beneficiaries are identified or designated: > (a) in the case of beneficiaries that are identified as specifically named persons or legal arrangements, recording the name of the person or arrangement; > (b) in the case of beneficiaries that are designated by characteristics or by class or by other means, obtaining sufficient information concerning those beneficiaries so that it will be able to establish the identity of the beneficiary at the time of the payout. > For the purposes of the first subparagraph, the verification of the identity of the beneficiaries and, where relevant, their beneficial owners shall take place at the time of the payout. In the case of assignment, in whole or in part, of the life or other investment-related insurance to a third party, obliged entities aware of the assignment shall identify the beneficial owner at the time of the assignment to the natural or legal person or legal arrangement receiving for its own benefit the value of the policy assigned. ## Sources - AMLR Art. 47 — CELEX 32024R1624 - GwV-FINMA SR 955.033.0, Art. 42 - GwV-FINMA SR 955.033.0, Art. 43