Insurance chief issues warning on money laundering
July 6th, 2009
Superintendent sends letter on federal laws
The Buffalo News
State Insurance Superintendent Eric S. Dinallo warned insurers, brokers and agents to make sure they comply with federal rules intended to prevent money laundering and other illegal transactions.
In a circular letter to licensees, the department cited laws such as the federal Bank Secrecy Act and the Foreign Corrupt Practices Act, as well as Treasury’s Office of Foreign Assets Control, and urges firms to “assess their business models to make sure they comply with these laws.”
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