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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
Learning objective 1: Explain the core elements of an anti-money laundering program required to be established by insurance companies.
Learning objective 2: Describe the federal laws and regulations that affect insurance companies required to set up anti-money laundering programs.
Learning objective 3: Identify the insurance products most vulnerable to
money laundering and provide reasons.
Learning objective 4: Identify red flags that may require further investigation or the filing of a suspicious activity report.
Learning objective 5: Explain how, to whom, and under what circumstances to report suspicious activities.