Center for Agricultural Law and Taxation

IRS Says that Insurance Companies Must Develop Anti-Money Laundering Programs
- by Roger McEowen

The Financial Crimes Enforcement Network (FinCEN) defers, for certain categories of financial institutions, the application of the anti-money laundering program requirements in Section 352 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (“USA PATRIOT”) Act of 2001.  Two of the categories of financial institutions specifically exempted from having to establish an anti-money laundering program have now been required by regulation to establish such programs, and this rulemaking amends the regulations to reflect those changes.  The categories of financial institutions are dealers in precious metals, stones, or jewels, and insurance companies.  73 Fed. Reg., January 11, 2008, Page 1975.