Patriot Act Poses Challenges To Insurers
There is plenty that insurers can and should do right now toprepare to comply with the anti-money-laundering provisions of theUSA Patriot Act, despite the U.S. Treasury Department's decision todelay for up to six months issuing regulations specific to theindustry, one leading consulting firm contends.
The Patriot Act and its implementing regulations, which arestill being developed, require the ability to provide informationabout clients and their transactions quickly to the federalgovernment, noted Vincent Grieco, managing director for KPMGConsulting's Liberty Corner, N.J., office, and Lisa Beaty, seniormanager in the New York office.
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