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Insurers Filing Few SARs One Year After AML Rules Take Effect
By Brian Monroe
printA year after becoming subject to federal anti-money laundering requirements, insurance companies are on pace to file far fewer suspicious activity reports than other financial services industries did in their first year. Insurers submitted 70 SARs between May 2, 2006, and July 31, 2006, putting them on pace to file 280 for the year ended this month, according to a study issued last week by the U.S. Financial Crimes Enforcement Network (FinCEN). That compares with 5,723 SARs submitted by money services businesses in 2002, and 4,267 by securities and futures dealers in 2003, the first years those industries had to...
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