Within 30 days after an insurance company becomes aware of a reportable suspicious transaction, the business must report the transaction by completing a Suspicious Activity Report by Insurance Companies (SAR-IC) and filing it in a central location to be determined by the Financial Crimes Enforcement Network.The SAR-IC will resemble the Suspicious Activity Report forms used by depository institutions to report suspicious transactions, and a draft form will be made available for comment in accordance with the requirements of the Paperwork Reduction Act and the Office of Management and Budget's implementing regulations. Supporting documentation relating to each SAR-IC is to be collected and maintained separately by the insurance company and made available to appropriate law enforcement and supervisory agencies upon request.
Source: Federal Register
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access