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Friday, August 21, 2015

ABIA Hosts Compliance Webinar on Bank Secrecy Act and Anti-Money Laundering Compliance

This week, the American Bankers Insurance Association (ABIA) outside counsel Chrys Lemon and Michael Aphibal, McIntyre & Lemon, PLLC hosted a Compliance Webnar on Bank Secrecy Act and Anti-Money Laundering Compliance. Insurance products can be used to launder money, so banks and insurance companies are required to have a BSA/AML compliance program. These institutions usually require insurance agencies to assist with compliance. The webinar will identify which insurance products and activities could be used to launder money and describe how a bank-insurance agency should respond to those activities. The webinar provided an overview of Customer Identification Programs, Office of Foreign Assets Control (OFAC) regulations, and customer due diligence requirements for financial institutions.

View the presentation. 

Download the recording.