Rules on Anti-Money Laundering and Suspicious Activity Reports for Life Insurers

November 2005

The U.S. Treasury’s Financial Crimes Enforcement Network (“FinCen”) recently released new rules requiring life insurers to establish anti-money laundering programs and report suspicious transactions to federal authorities.  Insurers subject to the rules must have a written anti-money laundering program in place no later than May 2, 2006.  The reporting requirements apply to transactions occurring after May 2, 2006.

To read our full summary of the new rules, click here.  For more information, contact Joe Holahan at 202-408-0705 or jholahan@mmmlaw.com.