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Insurers get more time to ready for money laundering law.(U.S. Treasury Department decision)(Brief Article)
Business Insurance, May, 2002 by Zolkos, Rodd
The U.S. Treasury Department's decision last month to defer the application of new anti-money laundering requirements to insurance companies may be good news for insurers, but it doesn't mean companies should put off efforts to comply with those regulations, insurance industry experts say. On April 23, Treasury officials announced the department was deferring the application of the USA PATRIOT Act requirements to a group of financial institutions-including insurance companies-for up to six months to provide time for closer study of those industry sectors and the development of appropriate regulations.
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