Informed consent for insurance commissions
Effective July 10, 2025, financial advisers and brokers providing personal advice to retail clients on general insurance, life risk insurance, or consumer credit insurance must obtain explicit, informed consent from the client before receiving any commissions. This consent, which can be verbal or written but must be recorded, requires clear disclosure of the insurer’s name (if known), the commission rate (as a range for general insurance and a specific percentage for life/CCI), frequency, the nature of services provided, and a statement that consent is legally required and irrevocable, aiming to enhance transparency and ensure genuinely informed decisions. Read more here.
Policies affected: Advice policies
Organisations affected: AFSL holders
FATF updates on global ML/TF risk – June 2025
The FATF has updated its lists of jurisdictions posing international financial risks for June 2025. The “High-Risk Jurisdictions subject to a Call for Action” includes Democratic People’s Republic of Korea, Iran, and Myanmar due to significant AML/CTF/CPF deficiencies. The “Jurisdictions under Increased Monitoring” lists countries actively addressing deficiencies, with Bolivia and the Virgin Islands (UK) added, and Croatia, Mali, and Tanzania removed. Reporting entities should leverage these lists for their ML/TF risk assessments, compliance, and suspicious matter reporting. Read more here.
Policies affected: AML Risk Statement or AML/CTF Program
Organisations affected: Reporting entities
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