Regulatory Alerts2005-11-03
Added
Requirement that Insurance Companies Report Suspicious Transactions
This final rule amends 31 CFR Part 103 to require insurance companies offering covered products to report suspicious transactions to the Financial Crimes Enforcement Network. The regulation mandates that these companies establish anti-money laundering programs incorporating policies, compliance officers, training, and independent testing. The rule applies to transactions occurring after May 2, 2006, and became effective on December 5, 2005.