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Description
Within weeks of the September 11, 2001, terrorist attacks on the United States, the USA PATRIOT Act was signed into law. Among the various issues addressed in the PATRIOT Act was money laundering. The USA PATRIOT Act requires that all financial institutions create, execute, and maintain anti-money laundering (AML) programs.
This course provides a thorough review of the anti-money laundering (AML) rules and guidelines as they pertain to insurance companies and insurance producers. Using case studies and real-life examples, the course explores how life insurance products can be used in money laundering activities and explain how the AML rules apply. The course describes the specific measures that insurance companies must take to detect and prevent money laundering, including why and when SAR-IC reports must be filed and devote a chapter to producer responsibilities.
Learning Objectives
Upon completion of this course, students will be able to:
demonstrate an understanding of money laundering, including the three phases of the money laundering process
offer examples of how financial products can be used in a money laundering process and identify the specific types of products that are most likely to be used
describe the basics of the USA PATRIOT Act and FinCEN’s final rules as they pertain to an insurance company’s AML program
demonstrate an understanding of the producer and employee’s personal responsibilities with respect to the company’s AML policy, especially how to report suspicious activities
explain the insurance company’s procedure for escalating suspicious activity through the AML review and reporting process