In line with the Fourth EU AML Directive, the European Banking Authority (EBA) has issued its 3rd Joint Opinion on the risks of ML/TF affecting the European Union’s financial sector on 3 March 2021. Our thought leadership paper summarises the main findings and the proposed actions related to Life Insurance Undertakings (LIUs) and provides key considerations and practical steps LIUs should take to proactively address the findings of the EBA.