October 2005 Archives
FinCEN Adopts AML and SAR Rules for Insurance Companies
Under two final rules announced today by the Financial Crimes Enforcement Network (“FinCEN”), certain U.S. insurance companies will be required to both establish anti-money laundering programs (“AML Programs”) and file Suspicious Activity Reports (“SARs”). Insurance companies subject to these rules must establish an AML Program and start filing SARs 180 days after the date of the publication of the final rules in the Federal Register.
SEC Releases Soft Dollar Guidance
Yesterday, the SEC issued a long-awaited interpretive release concerning the Section 28(e) safe harbor for soft dollars. According to the SEC, a particular goal of the release is to clarify the scope of "brokerage and research services" in light of evolving technologies and industry practice. The SEC is seeking comment on its guidance.