Member Price: $23 per person (includes user fee*)
*Employees must take courses within three weeks of launch or additional fees will apply.
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