Anti-Money Laundering

Member Price: $23 per person (includes user fee*)

*Employees must take courses within three weeks of launch or additional fees will apply.

AML Course:

Fulfills requirements under the USA PATRIOT Act, which requires insurers to provide ongoing training of appropriate employees concerning their responsibilities under the insurer’s AML program.

  • Responsibilities for the Company management and employees under an AML policy
  • Definition of Money Laundering and its three stages
  • Cash Equivalents defined and the importance of monitoring them
  • Typical scenarios for laundering money through insurance contracts
  • Monitoring for suspicious activity and filing Suspicious Activity Reports (SARS)
  • Identifying and recognizing red flags, red flag events or indicators for money laundering
  • OFAC responsibilities
  • Internal Revenue Service (IRS) Form 8300 reporting requirements
  • For Variable products: Financial Crimes Enforcement Network (FinCEN) and U.S. Securities and Exchange Commission (SEC) Customer Information Program (CIP) requirements
  • Monitoring Wire Transfers for Suspicious Activity