Money Laundering


FinCEN issued guidance for insurance companies on the scope and applicability of anti-money laundering regulations. The USA Patriot Act requires all insurance companies that meet the definition of “financial institution” under the Bank Secrecy Act to establish anti-money laundering regulations. A final rule with those requirements has been in effect since Nov. 3, 2005.

The guidance in FIN-2008-G004 is presented in a question-and-answer format. The release clarifies the definitions of News Digest.qxd 5/5/08 4:10 PM Page 6 “insurance company” and “covered products” under the final rule. The guidance outlines basic requirements of an antimoney laundering program and discusses the role of insurance agents and brokers in enforcing the policy.

Separately, FinCEN reported receiving 641 SARs from insurance companies between May 2, 2006, when the regulations requiring such filings became effective, and May 1, 2007.

The guidance and a separate report examining the SARs received in the first year of mandatory filing for the insurance industry are available at .



Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.