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Article: Treasury Department Releases Final Rules Applying U.S. Patriot Act to Certain Insurance Companies.
- Article from:
- Mondaq Business Briefing
- Article date:
- November 4, 2005
- Author:
CopyrightCOPYRIGHT 2005 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Mr Kevin G. Fitzgerald, Mr Thomas R. Hrdlick and Mr Kenyatta Bolden
Overview
The application of the USA PATRIOT ACT of 2001 (the "Patriot Act") to the insurance industry became clear on October 28, 2005, when the Treasury Department's Financial Crimes Enforcement Network ("FinCEN") issued final rules essentially requiring life insurance companies to establish formal Anti- Money Laundering Programs and file Suspicious Activity Reports. The final rules were published in the Federal Register on November 3, 2005 and become effective December 5, 2005, with an effective compliance date of May 2, 2006. Specifically, insurance companies subject to these ...