Treasury Issues Proposed Regulations Requiring Anti-Money Laundering Programs for Insurance Companies

Mondaq Business Briefing › United States Law Articles in English (2002)

Author position: Gibson, Dunn & Crutcher

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Extract

Treasury Issues Proposed Regulations Requiring Anti-Money Laundering Programs for Insurance Companies

By Amy G Rudnick and Linda Noonan

Originally published October 3, 2002

On September 26, 2002, the Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") published in the Federal Register proposed Bank Secrecy Act ("BSA") regulations that would require insurance companies to implement anti-money laundering ("AML") programs with respect to life and annuity products and certain other investment products. 67 Fed. Reg. 60625. Comments on the proposal are due on or before November 25, 2002.1

Background

Although insurance companies have been included in the BSA statuto...

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