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 www.fincen.gov .

 

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