Anti-Money Laundering for the Insurance Industry _OH

This course provides a thorough review of the anti-money laundering (AML) rules and guidelines as they pertain to insurance companies and insurance producers. Using case studies and real-life examples, the course explores how 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 SAR-IC reports must be filed, and devotes a chapter to producer responsibilities. The course presents a number of “red flags” that producers should be on the alert for in helping their company’s AML efforts. The course covers the following topics:

  • money laundering and anti-money laundering
  • AML rules for insurers
  • SAR rules and requirements 
  • producer and employee AML responsibilities

This is an intermediate-level course. Upon completion, 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 and employee’s personal responsibilities with respect to the company’s AML policy, especially how to report suspicious activities
  • explain the insurance company’s procedure for escalating suspicious activity through the AML review and reporting process

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