Regulatory Alerts2002-01-01 | Bulletin 2002-3Oregon Insurance Division Bulletin 2002-3: USA Patriot Act of 2001
The Oregon Insurance Division issued this bulletin to inform insurers and licensees of new anti-money laundering and customer identification responsibilities mandated by the USA PATRIOT Act. Section 352 requires all insurance companies to establish an anti-money laundering program by April 24, 2002, incorporating internal controls, a compliance officer, employee training, and independent audits. Section 326 directs the Treasury Department to issue regulations by October 26, 2002, establishing minimum standards for verifying customer identities and checking against terrorist lists.
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