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New Requirements Create Challenges For Insurers, Says AXA’s Walsh
printBob Walsh, vice president of anti-money laundering compliance for AXA Financial, says insurance companies uncertain about their Bank Secrecy Act (BSA) responsibilities can use a number of tools to help them comply with those regulations. However, the newness of the requirements and the fact the industry has old systems in place create certain challenges for the industry, according to Walsh. The U.S. Financial Crimes Enforcement Network required insurance companies to comply with BSA, regulations by May 2006. But the industry, which is examined by the Internal Revenue Service (IRS), encountered a series of challenges in addition to the standard customer...
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