Important Reminder About Know Your Customer and the Bank Secrecy Act
Insurance companies that issue or underwrite covered products that may pose a higher risk of money laundering must comply with the Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) program requirements. A covered product includes:
- An annuity contract (other than a group annuity contract)
- A permanent life insurance policy (other than a group life insurance policy)
- Any other insurance product with cash value or investment features