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Industry Gets Reprieve On Money Laundering Rules Under Patriot Act


Insurance agents and companies are praising the U.S. Treasury Department for its decision to take up to six months for additional study of how to apply new anti-money laundering standards to the insurance industry.

“We are very pleased that Treasury is looking at a much tighter, industry-specific approach,” said Julie Gackenbach, director of federal relations for the Des Plaines, Ill.-based National Association of Independent Insurers.

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