The Financial Crimes Enforcement Network has unveiled a draft of a form that life insurance companies might end up using to report suspicious transactions to regulators.[@@]
FinCEN, an arm of the U.S. Treasury Department, has posted a proposed version of the form, Form 108 – Suspicious Activity Report by Insurance Companies, on the Web at //a257.g.akamaitech.net/7/257/2422/01jan20051800/edocket.access.gpo.gov/2005/pdf/05-21916.pdf
FinCEN officials estimate in a discussion of the form that about 1,200 companies will spend about 2 hours each reporting about 1,200 transactions that may have something to do with efforts to launder money associated with terrorism, drug trafficking or other illegal activities.
The 2-page form comes with 4 pages of instructions.