Description
This course shows insurance company personnel how to build anti-money laundering programs. It introduces the Bank Security Act, the Money Laundering Control Act, the Money Laundering Suppression Act, and the USA PATRIOT Act. The money laundering process is described, with emphasis on the insurance industry's most vulnerable points. The requirements for a formal program are given, including requirements related to the adoption of policies, procedures, and internal controls. The course explains the compliance officer's specific responsibilities for the program.
Learning Objectives
Identify the primary elements of the Bank Secrecy Act.
Explain how subsequent legislation strengthened the Bank Secrecy Act. Summarize the effects of the Money Laundering Control Act and other legislation.
Describe how the USA PATRIOT Act broadened requirements beyond the banking industry.
Summarize the basic components of a firm's required anti-money laundering program.
Explain basic requirements of the act including verifying customer identities and reporting suspicious transactions.