U.S. insurance companies that issue or underwrite products presenting a heightened risk of money laundering, terrorist financing or other illicit activity as covered under the USA PATRIOT Act, were required to establish anti-money laundering programs and file Suspicious Activities Reports (SARs) by May 2.But according to a poll conducted by Deloitte & Touche LLP shortly before the deadline, only one-third of insurers and financial services companies already had a comprehensive AML program in place.
Whether they had an insurance AML program or not, 62% of the respondents said their insurance AML program would reside under the compliance area of their organization, 18% said it would reside in the legal department, 4% in treasury and 4% with the chief financial officer.
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