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AML Compliance for Insurance (Idaho)

4 credits

Course #: 6000195439

Definition of Money Laundering
Objective of Money Laundering
Terrorist Financing
Earning, Moving, Storing Assets

Money Laundering Stages

Three Stages of Money Laundering
Stage 1—Placement
Stage 2—Layering
Stage 2—Layering Explained
Stage 3—Integration

Government Controls

FinCEN
OFAC
FATF
UNODC
History of U.S. AML Laws
USA PATRIOT Act
FinCEN “Final Rules”
AML Organizations

Insurance Company Compliance

AML Program
AML Program Elements
Minimum Requirements
Broker-Dealers
Compliance

Insurance Agent Participation

Agent Integration
Training
Identifying Red Flags
Agent Involvement

Products

Covered Products
Covered Products Explained
Other Products

Know Your Customer

Overview
Identification
Individuals
Legal Entities
Publicly Traded vs. Closely Held
Trusts
Recordkeeping

Identifying Suspicious Payments

Currency in Excess of $10,000
Fiduciary Responsibility
Payment Types
Electronic Funds Transfer
Payment Activity
Certain Activity $5,000 Limit

Identifying Suspicious Activity

Recap of Agent Responsibilities
Purpose
Cash-Intensive Business
Benefits
Location
Changes & Termination

Reporting Suspicious Activity

Obligation
Reporting
Transactions that Require Reporting
Procedures
Filing Deadline
Exceptions
Prohibition on Disclosures
Protection from Liability
Threshold
Agent vs. Insurer Observations

OFAC Basics

What is OFAC?
OFAC History
SDN List
Sanctions Programs
What is a License?

OFAC Compliance and Consequences

Who Must Comply?
SDN List Checking
Blocked Property
Penalties
Operational Risk – Transactions
Operational Risk – Termination
Reputational Risk

OFAC Compliance for Insurance

Blocked Individuals
Group Policies
Compliance Screening
OFAC Authority
Blocked Property and Interests
Blocked Funds
Global Travel Insurance
Claim Payments to Innocent Parties
Claims from Non-Sanctioned Persons

Case Studies (Suspicious Activities)

Lack of Proper Identification
Cash Payment Under $10,000
Loans and Loan Repayments
Surrender Charge Disregard
“Free Look” Refund

Case Studies (OFAC)

Compliance
SDN List Match
Cuban Beneficiary
Employee Group Coverage
Travel to Iran
Discrimination Allegation

Blockchain

Fundamentals
History of Blockchain
Pros and Cons
Blockchain and Health Care
What are Cryptocurrencies?
Decentralized Nature
Irrevocable Transactions
Challenges to Following Funds

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