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Press Release
For Immediate release
December 1, 2005
Contacts:
Contact: Karen Cohen
Phone: 305-530-0500
www.moneylaundering.com
www.lavadodinero.com
Long-awaited anti-money laundering rule for life insurers leaves huge questions
unanswered
It’s taken more than three years, but the U.S. Treasury’s Financial
Crimes Enforcement Network (FinCEN) has finally made life insurance companies subject
to anti-money laundering requirements. The giant industry had long expected the
action, and, because many companies also sell variable products that were brought
under AML regulations in 2003, may be better poised to comply with the rule’s
directives. But the question remains, is the Internal Revenue Service ready to take
on the mammoth task of examining insurance companies for compliance? The IRS already
has responsibility for AML supervision of the money services businesses and jewelers
and precious metal dealers.
The December 2005 issue of Money Laundering Alert looks at these issues, and examines
the question of how brokers and agents will be trained. The issue also includes
details about the insurance industry’s obligation to file suspicious activity
reports. And giving the industry point of view is Randy Raszler, the compliance
and reporting manager at Omaha, Nebraska-based Mutual of Omaha Insurance Co., in
an On the Job interview.
Also in MLA’s December 2005 issue…
The Bank of New York case, settled last month, has lessons for all institutions
Fending off internal crooks and doing the necessary research are just some of the
lessons that can be learned from the Bank of New York case, which involved a scheme
by a bank employee to help Russians launder billions of dollars. The bank entered
a non-prosecution agreement with federal prosecutors in November.
Haitian government sues former president
Determined to find out what happened to public funds it says disappeared from the
Caribbean nation, the government of Haiti filed a civil suit against Jean Bertrand
Aristide and eight associates, accusing them of embezzling and laundering tens of
thousands of dollars in misappropriated funds.
FinCEN hopes to preserve bank-money services businesses relationship
The financial regulator thinks requiring agents of money services businesses to
register will deter banks from closing MSB accounts on the grounds that they are
too risky.
About Money Laundering Alert:
Since 1989, Money Laundering Alert has been published by Miami, Florida-based Alert
Global Media, the leading independent authority providing news, guidance and analysis
on money laundering issues.
Money Laundering Alert is a monthly newsletter covering money laundering and terrorist
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The publication provides practical compliance guidance and analysis of laws and
regulations, and is used as an anti-money laundering (AML) training tool by members
of affected industries such as financial institutions, broker-dealers, money services
businesses, securities, lawyers, real estate brokers, accountants, law enforcement,
and government regulatory and intelligence agencies.
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