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Can you summarize 31 CFR 1025.210?
Programs > Anti-money laundering programs for insurance companies.
Short Summary
This legal document, found in the Code of Federal Regulations, outlines the requirements for anti-money laundering programs applicable to insurance companies. The program must be developed and implemented by each insurance company to prevent the use of insurance services for money laundering or financing terrorist activities. The program should incorporate policies, procedures, and internal controls based on the company’s assessment of money laundering and terrorist financing risks. It should also designate a compliance officer responsible for program implementation, updating, and training of relevant personnel. Ongoing training and independent testing are required to monitor compliance and maintain an adequate program. Insurance companies registered or required to register with the Securities and Exchange Commission as broker-dealers in securities may be deemed to have satisfied the requirements if they have established an anti-money laundering program and comply with it. Compliance with this section is examined by the Department of the Treasury, and failure to comply may result in violations of the Bank Secrecy Act and this chapter.
Whom does it apply to?
Insurance companies
What does it govern?
Anti-money laundering programs for insurance companies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Failure to comply with the requirements of this section may constitute a violation of the Bank Secrecy Act and of this chapter.
Jurisdiction
U.S. Federal Government