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Frequency of BSA/OFAC Examination Question Id:6521
Amy nguyen
12-12-2017 08:12AM
User Id: 180197
With Reference to Webinar - Preparing for a BSA/OFAC Regulatory Examination (ID - 703554)
How often are the insurance companies that offer covered products examined for compliance with the BSA and/or OFAC regulations?
Points for this question:20

 User Answer
Customer Service ComplianceOnline
12-12-2017 09:12AM
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Hi Amy,

Here are the answer for your questions:-

1. States’ Departments of Insurance carry out “initial” examinations on domiciled insurance companies in the regular Financial Conditions Examination, per each state’s frequency. Many states also carry out AML exams as part of the Market Conduct examinations annually. The depth of the exam depends on the state.
2. For insurers doing business in New York, the NY Department of Financial Services requires annual certification of the cybersecurity program, beginning February 2018.
3. The IRS is still charged with AML and OFAC examinations of insurance companies. One of my clients was examined 2 years ago, and I hear that at least 2 other companies have been examined more recently.
4. Also, any insurer with an associated Broker-Dealer will be examined by FINRA / SEC, and an insurer associated with a bank will be examined by the Federal Reserve or OCC. Additionally, any insurer that’s designated as a Systemically Important Financial Institution (SIFI) will be regularly examined by the Federal Reserve.

Does that answer the question? If not, please let me know.

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