Patriot Act Poses Challenges To Insurers

There is plenty that insurers can and should do right now to prepare to comply with the anti-money-laundering provisions of the USA Patriot Act, despite the U.S. Treasury Department’s decision to delay for up to six months issuing regulations specific to the industry, one leading consulting firm contends.

The Patriot Act and its implementing regulations, which are still being developed, require the ability to provide information about clients and their transactions quickly to the federal government, noted Vincent Grieco, managing director for KPMG Consulting’s Liberty Corner, N.J., office, and Lisa Beaty, senior manager in the New York office.

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