Treasury Urged To Avoid Undue Patriot Act Regs On Insurers
House Financial Services Committee Chairman Mike Oxley, R-Ohio, is urging the Treasury Department to avoid imposing undue anti-money laundering burdens on the insurance industry.
In a letter to Treasury Secretary Paul ONeill, Oxley said that Congress specifically opposed a “one size fits all” approach when enacting the USA Patriot Act in the aftermath of the Sept. 11 terrorist attack.
What Your Peers Are Reading
The USA Patriot Act requires financial institutions to establish anti-money laundering programs.
Oxley said there is little evidence of money laundering being conducted through insurance products.