Texas Anti-Money Laundering Today!

Since the economic crisis, the insurance agency faces more stringent regulatory scrutiny—and insurance companies are expected to comply with AML and OFAC regulations.

Money laundering allows criminals to hide their profits from illegal activities by making legal purchases and transactions. Globally, worldwide money laundering activities add up to over $1 trillion per year—encouraging corruption, distorting economic data, aggravating social problems, and allowing criminals and terrorists to finance their activities.

Individual agents and producers—and the companies they work for—are attractive targets for money-launderers who seek to transfer value by buying certain insurance products. This course satisfies Continuing Education requirements in all states—as well as AML education requirements set by individual insurance companies for their employees. It is designed for Life and Health as well as Property / Casualty agents and producers.

Topics covered in this course include:

• Provisions of the patriot act affecting insurance business, including the Suspicious Activities Report (SAR) and “Know Your Customer” provision (KYC).
• An overview of the impact of money laundering on global and local economies.
• Money laundering processes and methodologies—how it works.
• Requirements and regulations for insurance professionals in dealing with suspected money laundering activities.
• The Anti-Money Laundering (AML) Program and applicable federal laws.

Money laundering is a serious problem worldwide—and insurance agents and producers need to be vigilant against unknowingly cooperating with money-laundering scams. Download this course today—and deepen your understanding of Anti-Money-Laundering rules and regulations, expectations for individual producers, and how you can help.