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Classroom Equivalent - Anti - Money Laundering for Insurance Professionals New

Course Description

Approval Number:
37741EG020 (Classroom Equivalent.

CATEGORY:
General.

Course Description

Money laundering plays a fundamental role in facilitating the ambitions of the drug trafficker, the terrorist, the organized criminal, the insider dealer, and the tax evader, as well as the many others who need to avoid the kind of attention from the authorities that sudden wealth from illegal activities brings. By engaging in this type of activity, criminals hope that their proceeds will be beyond the reach of asset forfeiture laws. Financial institutions such as insurance companies are at the forefront of the battle against the money launderers. Under current legislation, insurance companies are responsible for policing their financial dealings and reporting any suspicious transactions. This course will dwell upon the new regulatory environment of the insurance industry vis a vis money laundering, specifically the USA Patriot Act 2001. The course aims to highlight the key aspects of the USA Patriot Act namely, the Suspicious Activities Report (SAR) and the “Know Your Customer” provision (KYC).

Learning Objectives

  • Understand the scope and effect of Money Laundering.
  • Understand the Process and Methodology of Money Laundering.
  • Understand the impact of money laundering on the Operations and responsibilities of Insurance professionals and their agencies
  • Understand the regulatory environment vis – a – vis Money Laundering for the insurance industry.
  • Understand the establishment of the Anti – money laundering Program for insurance agencies.

Topics Covered

  • Introduction
  • LESSON 1: Money Laundering
  • LESSON 2: Effects of Money Laundering
  • LESSON 3: Federal Money Laundering Laws for Financial Institutions
  • LESSON 4: Federal Money Laundering Laws for Insurance Companies

REGULATORY REQUIREMENT:
Please see the state/regulatory requirement from the course catalog page.

SEAT TIME:
This course has been approved for 2 hours.

COURSE PRE – REQUISITE:
N/A.

TESTING:
Quizzes – All quizzes must be passed with a 70% to proceed forward to the next lesson.
Final Exam – You will not be required to take the final exam.

COURSE COMPLETION:
Your certificate will be mailed to you within 20 days of course completion.

ABOUT THE SUBJECT MATTER EXPERT:

Les Carter

Les was an executive in the financial services industry who has served as a President of a commercial bank, and as an Executive Vice President of a special servicing company. He has 20 years of commercial and mortgage banking experience including starting four companies: a commercial bank, a consulting company, a loan servicing company, and a consumer collection agency. Most recently, before joining 360Training, Les was an Executive Vice President of The Ontra Companies in Austin, TX, a nationally recognized holding company with interests in special servicing and loan originations. Prior to joining Ontra, , Mr. Carter was President of a Texas Commerce Bank in Houston. Les has a MBA in Finance from Texas A&M University and is a doctoral candidate in Finance at Nova Southeastern University.
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State Requirements

Check Texas’ state requirements prior to enrolling (http://www.tdi.texas.gov/). Provider Name: 360training, inc. – Provider Number: 32933.

PRICE:

$10

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