Anti-Money Laundering: Update for 2020
3 hours Ethics Insurance CE credit
ClearCert content included
Instructor: Patrick D. Hatting, MBA, ChFC, CLU, CASL, LUTCF
- IA Course No. 104409
- NE Course No. 6000053847
- Texas Course No. 120848
Money laundering is the process that disguises the existence, nature or source of illegally obtained funds such as drug money to make them appear legitimate. The source of funds could be drug and human trafficking, bribery, theft, fraud, embezzlement and counterfeiting. We will define money laundering, discuss agent responsibilities in reference to anti money laundering, identify red flags and report suspicious activity. Its rare and unlikely for this to occur, however the industry is required to have a program and make sure training is accomplished. Discussion about techniques money-launderers employ and what we should do if we suspect money laundering is taking place.
The insurance industry is a great big target and everyone in our industry must be knowledgeable in order to put up your best defense. In the wake of September 11, 2001, the USA PATRIOT act was passed. Title III of the PATRIOT Act addresses money laundering and expands the Bank Secrecy Act of 1970 to include all financial institutions, including life insurance companies, and focuses on any financial transaction that might be involved in terrorist financing. We will examine two cases of money laundering and apply the material learned. This course is designed to fulfill your ethics credit or may be applied to your general credit when renewing your license.