Regulatory Alerts2002-09-26
Added
Anti-Money Laundering Programs for Insurance Companies
The Financial Crimes Enforcement Network proposes to prescribe minimum standards for anti-money laundering programs applicable to insurance companies under the Bank Secrecy Act. The proposed rule defines an insurance company as any person engaged in issuing, underwriting, or reinsuring life insurance, annuity contracts, or insurance products with investment features or value storage and transfer capabilities. Covered entities are required to develop internal policies, designate a compliance officer, implement employee training, and conduct independent audits commensurate with their size, location, and activities. Written comments on the proposal are due by November 25, 2002.
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