Summary
In response to the Sept. 11, 2001, terrorist attacks, President George W. Bush issued Executive Order 13224 blocking (freezing) the financial interests, including interests in insurance policies, of persons identified by the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC) as supporting, or engaging in, global terrorism. To comply with OFAC regulations, insurers must check the identity of persons or entities having, or seeking to have, an interest in an insurance transaction to determine whether such person or entity is "listed" by OFAC. A step-by-step process for designing and implementing an effective OFAC compliance program includes: 1. Designate a compliance manager. 2. Determine your risk profile. 3. Create identity-checking procedures. 4. Select OFAC compliance software. 5. Handle name-match results. 6. Avoid shortcuts. 7. Conduct training. 8. Conduct a periodic audit.
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Extract
Identity Check
In response to the Sept. 11, 2001, terrorist attacks, President George W. Bush issued Executive Order 13224 blocking (freezing) the financial interests, including interests in insurance policies, of persons identified by the U.S. Department of Treasury's Office of Foreign Assets Control as supporting, or engaging in, global terrorism. While the order was widely viewed as something new for insurance companies, companies technically have been subject to OFAC regulation since the agency was formed in 1950. Interpretive guidance issued by OFA...
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