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
You may be interested in
FCA payments regulatory priorities 2026: What to do now
Update on the Audit Reform and Corporate Governance Bill
FRC awards financial sanctions against MacIntyre Hudson LLP and two former employees for breach of audit requirements
EU Digital Operational Resilience Act: Countdown to comply with the January 2025 deadline
The FCA comments on competition between big tech firms and financial service firms
FCA and FOS set out strategic plans for 2024 and beyond
The downfall of Vesttoo: Fraudulent letters of credit
How ‘operational resilience’ enables compliance with the ‘consumer duty’ and ‘vulnerable customers’
Making numbers easy - complying with the Customer Understanding objective
Three peaks of consumer protection: Part two — intolerable harm
The three peaks of customer protection: How ‘operational resilience’ enables compliance with the ‘Consumer Duty’ and ‘Vulnerable Customers’
Consumer duty part 3 - 'The drill-down' into the 'cross-cutting' rules
Code of Conduct for ESG data and ratings providers
All the pieces of the conduct puzzle: Governance, culture, D&I, innovation
Investors groups are calling for action from the Government
The FCA’s anti-greenwash proposals
Floating offshore wind pipeline potential
Environmental Act 2021 – statutory requirement to submit targets not complied with
FCA Financial Lives survey: Socio- demographics and financial vulnerability
Disability and access in banking
Progress report on climate-related disclosures
Consumer duty part 1 - 'The drill-down' into the 'cross-cutting' rules
FCA warns that vulnerable to scams amid cost of living crisis
FinTech and financial inclusion
Browne Jacobson launches innovative legal and compliance solution for insurance intermediaries
With the fast pace of legal and regulatory changes, Browne Jacobson is launching its ‘In-house for intermediaries’ service for brokers and MGAs.
Credit broking: know your permissions
Financial Services – ‘Duty of Care’ Bill: consumer protection or damp squib?
The Financial Services Duty of Care Bill (the “Bill”) was introduced into the House of Lords in October 2019 and had its second reading on 9 January 2020.
Lloyd’s new rules for delegated authority business – a change for the better?
Lloyd’s has announced changes to its rules on delegated authority (DA) business, aiming to embrace technology and a more risk-based approach.
"It's the conduct risk, stupid!": FCA's study of competition in London wholesale insurance broking market
The UK Financial Conduct Authority (FCA) has published the final report (PDF) on its market study of the London wholesale insurance broking market.
Manchester Building Society v Grant Thornton UK LLP
The Court of Appeal has set out six steps to be considered when applying the ‘SAAMCo’ scope of duty principle in auditors’ negligence cases.