Yesterday, the American Bankers Insurance Association (ABIA) hosted a compliance webinar on Fighting Financial Crimes: How to Comply with AML, BSA, CIP OFAC Requirements. Chrys Lemon, McIntyre & Lemon and Jim Sivon, Barnett Sivon and Natter discussed how to reduce and eliminate money laundering, federal law requires financial institutions, including insurance companies to establish anti-money laundering (AML) programs. While insurance agents and brokers are not directly required to have AML programs, insurance companies are required to integrate agents and brokers into their AML programs. The webinar identified what types of products must be covered by an AML program and also provided an overview of Bank Secrecy Act (BSA)/AML requirements, including Suspicious Activity Reporting (SAR) requirements, Customer Identification Programs (CIP), and Office of Foreign Assets Control (OFAC) regulations. The webinar also review the new FinCEN rules on customer due diligence requirements.
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