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