The Treasury's Financial Crimes Enforcement Network is to present two final anti-money-laundering rules this morning at a National Association of Insurance Commissioners meeting in Chicago.
Fincen representatives are to outline requirements for certain U.S. insurers to establish anti-money-laundering programs and file suspicious activity reports, the association said in a press release. The final rules apply to insurers that issue or underwrite products posing a high degree of money-laundering risk or that could be used to finance terrorism or other illicit activity.
The presentation is intended to give state regulators and industry representatives an opportunity to ask about specific requirements and enforcement cooperation between state regulators and the IRS.
Permanent life insurance policies other than group coverage, annuities other than group contracts, and other products with cash-value or investment features are subject to the rules, the association said.
