Regulatory Alerts2008-03-20
Added
Frequently Asked Questions Anti-Money Laundering Program and Suspicious Activity Reporting Requirements for Insurance Companies
The guidance clarifies that insurance companies issuing or underwriting covered products, such as permanent life insurance and annuities, must establish written anti-money laundering programs approved by senior management. These programs must include a compliance officer, risk-based policies and internal controls, ongoing training for employees and agents, and independent testing. Covered entities are required to implement these programs and file Suspicious Activity Reports within 180 days of the final rule's publication in the Federal Register.
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