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.”

Continue reading at

Written by admin

Follow @FinTrCo