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FinCEN Terminates Patriot Act Exemptions for Insurers, Precious Metals Dealers
printThe U.S. Treasury Department's Financial Crimes Enforcement Network issued a rule confirming that precious metals dealers and insurance companies are required to maintain anti-money laundering programs. The final rule, issued Friday, is intended to "eliminate possible confusion," over an exemption issued in November 2002, FinCEN said in a statement. The two industries were exempted from AML requirements under the U.S. Patriot Act by interim rules issued in April 2002 and an open-ended exemption in November 2002. FinCEN introduced rules on June 9, 2005, for precious metals dealers and November 3, 2005, for insurance companies to terminate the exemptions. As with...
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