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