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. The course explores how certain life insurance products can be used in money laundering activities and explains 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 Suspicious Activity Reports must be filed, and devotes a chapter to producer responsibilities.

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's and the employee's personal responsibilities with respect to the company's AML policy, especially how to report suspicious activities