Building & Administering an Effective AML & Economic Sanctions Compliance Program for the Life Insurance and Annuity Industry (Part 1)

Becky Strom, ACS, AIRC, CIPP/US

The Anti-Money Laundering Regulations for Insurance Companies and the Bank Secrecy Act lay out the requirements for a compliant Anti-Money Laundering (AML) and Economic Sanctions (ES) program; however, it is left to the individual companies selling covered products to determine how best to build an effective program.  Being compliant, or in compliance with the regulations, and being effective can have very different results.

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