Course Objective: NEW COURSE 2025
Anti-money laundering refers to the web of laws, regulations, policies, practices and procedures to ensure that financial institutions and other regulated entities prevent, detect and report financial crime, especially money laundering activities. It is aimed at uncovering efforts to disguise illicit funds as legitimate income. For centuries, governments and law enforcement agencies have tried to fight crime by following the money. In modern times, that comes down to anti-money laundering (AML) laws and activities. Money laundering is the process of concealment of the origins of money gained from crimes such as tax evasion, drug and human trafficking, public corruption and the financing of groups designated as terrorist organizations. The source of funds could be from any illegal activity such as bribery, theft, fraud, embezzlement, and counterfeiting. In this course we will define money laundering, and the techniques money-launderers employ, review its history, discuss agent responsibilities in reference to money laundering such as identifying red flags, reporting suspicious activity, knowing your customer and potential liability and industry trends and training requirements.
Modern day money launderers are increasingly targeting the insurance industry. Various regulations have been enacted to address this, with the understanding that a) insurance companies are vulnerable to money laundering; and b) insurance producers and brokers have an important role to play in insurance companies’ anti-money laundering programs because they have direct contact with customers and are often in the best position to detect suspicious activity. The rise of cryptocurrency has also caught the interest of criminals as a less regulated option to utilize to successfully enact their plans. Average individuals are being drawn into schemes and scams both wittingly and unwittingly. We will review the current landscape and address specific cases.
Anti-Money Laundering For Financial Professionals
Three hours General CE Credits
Instructor: John A. Baumhover, CFFM, FIC
ClearCert Content Included
