Anti-Money Laundering for Insurance Agents (Title) 4 credits Course #: 37073 Take this Course Course Content Expand All | Collapse All Lessons Status 1 Fundamentals Definition of Money Laundering Objective of Money Laundering Terrorist Financing Earning, Moving, Storing Assets 2 Money Laundering Stages Three Stages of Money Laundering Stage 1—Placement Stage 2—Layering Stage 2—Layering Explained Stage 3—Integration 3 Government Controls AML Organizations FinCEN OFAC FATF History of U.S. AML Laws USA PATRIOT Act FinCEN “Final Rules” 4 Insurance Company Regulation AML Program AML Program Elements AML Program Provisions Suspicious Activity Reports Dollar Limits 5 Insurance Agent Participation Agent Involvement Agent Integration Training Identifying Red Flags 6 Products Covered Products Covered Products Explained Other Products FinCEN SAR Assessment FinCEN SAR Assessment Chart Life Insurance and Annuities 7 Know Your Customer Overview Identification Individuals Legal Entities Publicly Traded vs. Closely Held Trusts Recordkeeping 8 Identifying Suspicious Payments Fiduciary Responsibility Payment Types Electronic Funds Transfer Payment Activity Payment Amounts 9 Identifying Suspicious Activity Purpose Cash-Intensive Business Benefits Location Changes & Termination Recap of Agent Responsibilities 10 Reporting Suspicious Activity Obligation Reporting Categories Threshold Agent vs. Insurer Observations Procedures Filing Deadline Exceptions Protection 11 OFAC What is OFAC? OFAC History SDN List Sanctions 12 OFAC Compliance SDN List Checking Blocked Transactions OFAC Authority Penalties 13 Consequences Legal Risk Operational Risk – Transactions Operational Risk – Termination Reputational Risk 14 Case Studies (Suspicious Activities) Lack of Proper Identification Cash Payment Under $10,000 Loans and Loan Repayments Surrender Charge Disregard “Free Look” Refund 15 Case Studies (OFAC) Compliance SDN List Match Cuban Beneficiary Employee Group Coverage Travel to Iran Discrimination Allegation 16 Blockchain Fundamentals History of Blockchain Other Blockchain Uses Risks Regulation Money Laundering
