NU Online News Service, Sept. 24, 2003, 6:19 p.m. EDT — Washington
Groups representing life insurance companies and life agents are praising the Treasury Department for its decision not to require financial institutions to photocopy customer identification documents.
Carl Wilkerson, chief counsel for securities with the American Council of Life Insurers, Washington, calls the Treasury Department’s action a sensible result.
ACLI is gratified that Treasury decided to retain its original interpretation that the burden of maintaining photocopies exceeds the benefit, Wilkerson says.
The National Association of Insurance and Financial Advisors, Falls Church, Va., is pleased that Treasury responded to the concerns of NAIFA members, who sent Treasury thousands of letters about the issue, says William Anderson, NAIFA’s senior vice president of government affairs.
Under current regulations, financial institutions are required to take appropriate steps to verify the identity of their customers.