The U.S. Treasury Department recently adopted anti-money laundering rules & regulations for the banking and insurance industry. If you sell insurance products with an investment component or products that accumulate cash, you must be trained to recognize possible money laundering activities.
NAIFA and LIMRA International have partnered to offer NAIFA members free access to an Anti-Money Laundering (AML) Training Program that satisfies the rules & regulations of the U.S. Department of the Treasury. The AML program is available on the LIMRA website and has been widely endorsed by many of the life insurance carriers that use independent producers.
The web-based training module was developed by LIMRA in conjunction with insurance compliance professionals. It is available on demand and requires 30 to 45 minutes to complete. The registration page allows you to designate your BGA and carrier associations, so that your course results can be reported to your designated insurance carriers. You may be offered additional carrier-specific courses based upon your registration information.
- U.S. Department of the Treasury Rules & Regulations for Anti-Money Laundering
- U.S. Department of the Treasury FAQ for Anti-Money Laundering
What the Training Covers:
- What is money laundering and why do I need to know about it?
- How does money laundering occur in the insurance and securities industries?
- What are my responsibilities to prevent money laundering?
- What are common "red flags" to identify possible money laundering?
- What should I do if I detect suspicious activity?
- What are examples of insurance and securities money laundering?
Benefits of the AML Training Program:
- Industry Designed
- Producer Friendly
- Free for NAIFA Members
- Quality Assurance
- Automatic Tracking/Documentation is sent directly to your carriers
By clicking on the link to LIMRA's Anti-Money Laundering Training Program website, you will be leaving the NAIFA website and will be transferred to a third-party website operated by LIMRA. NAIFA has no control over, and is not responsible for, the content or the operation of that third-party website and NAIFA disclaims all liability for any claims or damages that may result from the use of that third-party website. NAIFA provides no warranties, guarantees or representations of any kind as to the content or operation of LIMRA's Anti-Money Laundering Training Program or the LIMRA website. If you have any questions about the LIMRA website or LIMRA's training program, contact the LIMRA AML Helpdesk at 1-866-364-2380 or by email at firstname.lastname@example.org.
As with any compliance issue, if in doubt, check with the company you represent.Click here to access the LIMRA / NAIFA Anti-Money Laundering Training Program