The Lloyd’s Market Association’s General Sanctions Financial Crime Documentation Clause
The Lloyd’s Market Association (LMA) has released LMA5670, the General Sanctions Financial Crime Documentation Clause, to help (re)insurers and brokers to comply with evolving sanctions and financial crime regulations.
The clause introduces a contractual obligation for (re)insurers to provide documentation upon request, particularly when such requirements arise mid-contract.
Designed to work alongside existing sanctions clauses, LMA5670 also includes safeguards to ensure (re)insureds are not penalised for non-compliance due to circumstances beyond their control. The LMA states that this clause will help to future-proof contracts and provide added protection for insurers and brokers.
Author
Mark Hickson
Head of Business Development
onlineteaminbox@brownejacobson.com
+44 (0)370 270 6000
Tim Johnson
Partner
tim.johnson@brownejacobson.com
+44 (0)115 976 6557
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