Regulatory Alerts2005-11-03
Added
Anti-Money Laundering Programs for Insurance Companies
The Financial Crimes Enforcement Network amends 31 CFR Part 103 to require insurance companies offering covered products to establish anti-money laundering programs. The rule mandates that these programs include internal policies, a designated compliance officer, employee training, and an independent audit function. Agents and brokers are not directly subject to the requirement, but insurance companies must integrate them into their compliance programs. The rule becomes effective on December 5, 2005, with applicability beginning on May 2, 2006.