The U.S. Treasury Department rule requires that companies have the program in place by the May 2 deadline and, with the help of their agents and brokers, be able to report suspicious purchase activities that might signal money laundering. The training requirement applies to agents, brokers, and certain home office staff.
"LIMRA's AML Training Program does what the other training programs don't: Producers need to complete the core AML training module only once, not separately for each carrier," said Tom Caraher, assistant vice president and director, LIMRA's Compliance Resource Center. "Documentation of completion is then sent to every carrier a producer represents. This cooperative approach frees producers from repeating training for every carrier. It also allows clients to share the cost of training producers representing more than one company and eliminates the expense of developing a training program."
Introduced in 2003 in anticipation of the recently adopted rules, this industry-standard program was designed to help trainees understand money laundering and recognize and report suspicious activity. The AML Training Program assures quality training in two ways. First, it was collaboratively developed by experts in the insurance industry. And second, trainees must access every Web page and answer quiz questions to receive credit.
Howard S. Drescher, (860) 285-7875, firstname.lastname@example.org
Catherine Theroux, (860) 285-7787, email@example.com
About LIMRA International
LIMRA International is a worldwide research, consulting and professional development organization that helps more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness. Visit LIMRA International at www.limra.com