# Ins Industry Responds to Patriot Act 

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The insurance industry is preparing to adopt new policies and guidelines in efforts to safeguard their assets from money laundering-a decision that was brought upon due to the impending Patriot Act, legislation that cuts off funding to terrorist cells, according to the Associated Press. 

The law will apply to financial-services firms, jewelers, travel agents, auto dealers, telegraph companies and some real estate firms. 

On April 24, banks and securities firms were forced to adopt anti-money laundering policies, as well as add an internal complains officer and create a program to track their compliance. 

Mutual funds, credit cards and check-cashing firms have until July to follow suit, and other business, including insurance companies and travel agencies, were given a temporary exemption while they wait for the Treasury Department to draft up regulations for those businesses.

Sources:
- Insurance Journal (http://www.insurancejournal.com/news/national/2002/05/27/16932.htm)