FinCEN clarifies AML rules for insurance firms
WASHINGTON, DC – The recent federal rules that mandate anti-money laundering (AML) programmes in insurance companies do not require the companies to implement customer identification programmes, according to new guidance from the Financial Crimes Network (FinCEN).
However, the agency says in its FAQs guidance that insurance companies that are subsidiaries of banking organisations should consult with their parent bank's primary Federal regulator regarding their obligation to obtain and retain customer-related information necessary to administer an effective anti-money laundering programme.
The rule requiring insurance companies to report suspicious activity has been in effect since May 2.
FinCEN also clarified the obligations of futures commission merchants
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