This guidance aims to outline the key elements of implementing a Risk-Based Approach (RBA) to Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) in the life insurance sector. It provides general guidelines and examples to assist countries, competent authorities, insurers, and intermediaries in effectively designing and implementing RBA strategies. Furthermore, it supports the supervision of national AML/CFT measures by focusing on risk assessment and mitigation strategies, while promoting a common understanding of RBA principles. It targets countries, supervisors, insurers, and intermediaries involved in AML/CFT compliance within the life insurance industry and is structured into three sections: key RBA elements, guidance for insurers and intermediaries, and guidance for supervisors.