Money Laundering, Terrorism & Financial Institutions
Published by Civic Research Institute,

USA PATRIOT Act Monitor News Release: FinCEN Director Testifies
3/11/2003 6:01:22 PM Eastern Standard Time

James F. Sloan, Director of FinCEN, appeared before the Subcommittee on Oversight and Investigations of the House Committee on Financial Services today (3/11/2003). He indicated that rules being finalized include:

· Anti-money laundering program requirements for life insurance companies and unregistered investment companies
· Suspicious activity reporting requirements for life insurance companies

Though the Director referred to the identity verification proposed rules, he did not indicate that their finalization is imminent, but rather that the "proposals were the subject of substantial comment," and that FinCEN is working with the financial supervisory agencies to complete the task. A "more detailed and comprehensive final rule" requiring enhanced due diligence for correspondent and private banking accounts is being developed, but the Director does not indicate when it can be expected. This will replace the current interim final rule. Finally, the Director indicates that FinCEN is consulting with the Commodity Futures Treading Commission about extending SAR requirements to commodities professionals.


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