Financial Crimes Enforcement Network To Present New Anti-Money Laundering Requirements
|December 2, 2005|
KANSAS CITY, MO - Representatives of the Financial Crimes Enforcement Network (FinCEN) of the United States Department of Treasury will be attending the National Association of Insurance Commissioners (NAIC) Winter National Meeting in Chicago during the Antifraud (D) Task Force meeting on Monday, December 5, from 9:00 a.m. to 11:00 a.m. to present two final rules that will affect certain insurance companies.
FinCEN representatives will outline requirements for certain U.S. insurers to establish anti-money laundering programs and file Suspicious Activity Reports. The final rules apply to insurance companies that issue or underwrite certain products that present a high degree of risk for money laundering, the financing of terrorism or other illicit activity. This will give state regulators and industry an opportunity to ask questions on specific requirements and enforcement cooperation between state regulators and the IRS.
The insurance products subject to these new rules include: