FINRA: AML—Retail: Variable Annuities and Variable Life Insurance

Course Description

FINRA’s anti-money laundering (AML) e-learning courses cover concepts and strategies for detecting and preventing money-laundering activity. Each course presents unique scenarios that illustrate typical money-laundering situations. Scenarios demonstrate how to detect methods money launderers may use to exploit provisions in variable annuities and variable life insurance contracts -- including the loan provision, free-look provision and gifting -- in order to prevent money-laundering activity.

Learning Objective(s)

By taking this course, you will:

  • Understand why broker-dealers have AML compliance programs.
  • Know what is required to conduct customer identity verification.
  • Recognize the importance of ongoing due diligence as it relates to customers and their accounts.
  • Identify "red flags" that may signal money laundering or other potentially suspicious activity.
  • Understand how variable life insurance and variable annuities can be used in a money laundering process.

Complexity

Intermediate