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Financial Regulators Likely to Turn Attention to Insurance Soon, Industry Expert Says
printTwo years have passed since insurance companies have been required to comply with the Bank Secrecy Act and still no enforcement actions have been handed down, leaving compliance officers wondering 'When will we see them, and for what?' The 'when' may be soon, according to Brian Mannion, lead counsel for the Office of the Chief Legal and Governance Officer at Nationwide Mutual Insurance Company. Regulators have typically given industries two years to calibrate their programs, and then after that, "the enforcement actions usually begin," he said. Mannion, who previously worked as a BSA officer in a regional bank, spoke with...
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