Fourteen insurance companies are preparing to defend their anti-money laundering programs after the Internal Revenue Service this month launched the first Bank Secrecy Act compliance examinations in the industry. The IRS will use these first exams, which target insurers of various sizes, to gather information and fine-tune procedures for future audits, agency spokeswoman Theresa Branscome said in a statement. She declined to identify the companies or provide expected start or completion dates for the audits. The agency, which is responsible for auditing the AML programs of all nonbank financial institutions without a primary federal regulator, begins the exams some nine...
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