“Money laundering” isnt exactly at topic you expect to hear bandied about at a conference on variable annuities.
But it was definitely the buzz in hallways, table conversations, even a few asides at the podium here at the annual Regulatory Affairs Conference of National Association for Variable Annuities, Reston, Va.
Why the interest?
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On May 8, 2001, Lori A. Richards, the director of the Office of Compliance Inspections and Examinations at the U.S. Securities & Exchange Commission, gave an address to a conference of the Broker-Dealers Securities Industry Association, voicing personal views on that very topic.
In that address, the federal regulator did not directly identify money laundering as an issue for the VA industry. But she did say money laundering should be “a key part” of the compliance efforts of the broker-dealer industry.