North American Important Reminders About Customer Requirements Around the Bank Secrecy Act

Insurance companies that issue or underwrite covered products that may pose a higher risk of money laundering must comply with the Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) program requirements. A covered product includes:

  • An annuity contract (other than a group annuity contract)
  • A permanent life insurance policy (other than a group life insurance policy)
  • Any other insurance product with cash value or investment features

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