VIENNA, Va. – James H. Freis, Jr., the Director of the Financial Crimes Enforcement Network (FinCEN), and James J. Donelon, Louisiana Commissioner of Insurance, have signed a Memorandum of Understanding (MOU) that will allow the Federal Anti-Money Laundering (AML) regulator and the State Insurance regulator to share important information enabling both parties to better protect the industry and consumers from criminal activity and fraud.
“FinCEN looks forward to forming new partnerships with state insurance regulators to share information to detect and deter illicit financial activity including insurance fraud,” said Director Freis. “FinCEN has a solid record of working with state financial regulators. Commissioner Donelon’s influential role as President-elect of the National Association of Insurance Commissioners will help set the standard for other States to follow.”
With the signing of this MOU, Louisiana becomes the first state insurance commission to partner with FinCEN. “This is a significant tool that will enhance our efforts to better protect our consumers from fraud and other criminal activity,” said Commissioner Donelon.