Important Reminder About Know Your Customer (KYC) Requirements Around the Bank Secrecy Act (BSA)

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