Find The AML Surveillance Software for Insurance Companies
Insurance companies that issue or underwrite covered products that may pose a higher risk of money laundering must comply with Bank Secrecy Act/ anti-money laundering (BSA/AML) program requirements. A covered product includes: An annuity contract other than a group annuity contract A permanent life insurance policy other than a group life insurance policy Any other insurance product with cash value or investment features Insurance regulations only apply to insurance companies, excluding agents and brokers from the requirements. However, insurance companies are held responsible for compliance with their program, which includes the activities of any agents and brokers. Insurance companies should therefore integrate their agents and brokers into their AML program. Features of a BSA/AML program Insurance companies must develop a written, risk-based BSA/AML program addressing the covered insurance products. At a minimum, the program must consist of the following features: A