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FinCen Reorganizes Secrecy Act Regulations

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The Financial Crimes Enforcement Network is giving the Bank Secrecy Act rules that apply to insurers a part of their own in the Code of Federal Regulations.

FinCen, an arm of the U.S. Treasury Department, says it is trying to make the Bank Secrecy Act regulations easier for users to understand by putting the regulations in a new chapter and re-numbering the regulations, to put regulations that affect a particular regulated industry together with other regulations that affect the same industry.

Congress adopted act to create a surveillance and reporting system that financial institutions can use to detect and report activities that might be related to money laundering, international narcotics trafficking or financing of terrorism.

The reorganization will move insurance regulations scattered around Part 103 of Title 31 of the Code of Federal Regulations to Part 1025-Rules for Insurance Companies.

FinCen has left room for a subpart that will cover “special standards of diligence, prohibitions, prohibitions and special measures for insurance companies.”

- Allison Bell


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