Treasury Department
The Financial Crimes Enforcement Network is issuing this final rule to prescribe minimum standards applicable to insurance companies pursuant to the provision in the Bank Secrecy Act that requires financial institutions to establish anti-money laundering programs and to define the companies and insurance products that are subject to that requirement.
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Department of the Treasury 31 CFR Part 103 RIN 1506-AA70 AGENCY: Financial Crimes Enforcement Network, Treasury. ACTION: Final rule. SUMMARY: The Financial Crimes Enforcement Network is issuing this final rule to prescribe minimum standards applicable to insurance companies pursuant to the provision in the Bank Secrecy Act that requires financial institutions to establish anti-money laundering programs and to define the companies and insurance products that are subject to that requirement. DATES: Effective Date: December 5, 2005. Applicability Date: May 2, 2006. See 31 CFR 103.137(b) of the final rule contained in this document. FOR FURTHER INFORMATION CONTACT: Financial Crimes Enforcement Network, Regulatory Policy and Programs Division on (202) 354-6400 (not a toll-free number). SUPPLEMENTARY INFORMATION: I. Background A. Statutory Provisions The Bank Secrecy Act, Public Law 91-508, as amended, codified at 12 U.S.C. 1829b , 12 U.S.C. 1951-1959 , and 31 U.S.C. 5311-14 , 5316-5332 , authorizes the Secretary of the Treasury to issue regulations requiring financial institutions to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters, or in the conduct of intelligence or counter-intelligence activities, including analysis, to protect against international terrorism, and to implement anti-money laundering programs and compliance procedures. [ 1 ] Regulations implementing Title II of the Bank Secrecy Act app…
Citation: 70 FR 66754
