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).
Upon completion of the course, the student will be able to:
- 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 Financial Institutions.
- Understand the regulatory environment vs. Money Laundering for the securities industry.
End of Course Instructions
Congratulations! You have successfully completed your continuing education course. Your completion certificate will be emailed to you as soon as you send in your Appendix G. You must fax a copy of your signed affidavit (Appendix G) to 360training at 512-853-2657.