DESPITE DEADLINE, MANY FIRMS LACK AML PROGRAM 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.
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