AML Practices for the Insurance Producer: Recognizing Red Flags

Overview

Insurance producers are the first and best defense against the use of insurance products in money-laundering schemes. This course is intended to help the insurance producer identify AML (anti-money laundering)"red flags"- those situations and circumstances that may be a sign of insurance products being used for money-laundering purposes.

The course includes an overview of federal AML law and rules, focuses on the role of the producer in ensuring the success of AML programs, and covers red flag activities that may occur both at the application stage, and throughout the life of a policy or annuity product. The course guides the producer through the appropriate steps to take when red flags are detected and presents "best practices" applicable to the producer's business.

Learning Objectives

Upon conclusion 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
  • explain the producer's responsibilities with respect to the company's AML policy, especially how to report suspicious activities
  • recognize the "red flags" that could indicate an attempt is being made to launder money for illicit purposes
  • explain what steps a producer should and should not take if red flags are detected or money laundering is suspected

Designed For

L/H insurance producers and financial planners
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