Anti-money laundering (AML) Compliance Prog-ram: Hopefully, this term is not new to you, because the deadline for 31 CFR 103.137 compliance is May 2, 2006.This regulation, which is part of the USA PATRIOT Act, was developed to better protect a class of financial institutions from potential abuse by criminals and terrorists, which will in turn enhance protection of the U.S. financial system, according to the Federal Register.

If you are a term life, P&C or health insurer, you can breathe easy; this regulation doesn't apply to all insurers. Insurance companies are covered only to the extent that they handle covered products:

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