Treasury, Calif. Strike Deal On Insurance Info Sharing

Law360, Los Angeles (May 2, 2012, 7:00 PM EDT) -- The U.S. Department of the Treasury's criminal enforcement arm announced Wednesday that it has signed off on an information-sharing agreement with California's insurance commissioner — part of the agency's effort to get the insurance industry to comply with anti-money laundering regulations.

The partnership with the Financial Crimes Enforcement Network will allow California's insurance regulators to share information on insurance companies that lack the required anti-money laundering procedures or programs and alert the federal agency to possible fraud, officials said.

FinCEN, which is tasked with regulating banks,...
To view the full article, register now.