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Catherine Theroux
Director, Public Relations
Work Phone: (860) 285-7787
Mobile Phone: (703) 447-3257
Brooke Lacey
Senior Public Relations Specialist
Work Phone: (860) 298-3920
Mobile Phone: (413) 530-6184
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Cooperative AML Training Program Minimizes Training Time, Fees
12/15/2005
Windsor, CT, December 15, 2005 — With the clock ticking for companies that write individual insurance and annuities to have an anti-money laundering program in place by May 2, LIMRA offers a solution. Its AML Training Program offers a quick, cooperative, and cost-effective solution to help companies meet the training requirements of the new rules.
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.
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.
There are versions of the program for insurance home/head office employees and producers, and a securities-focused course. With this training, companies can quickly comply with U.S. Treasury rules.
CONTACT:
Howard S. Drescher, (860) 285-7875, hdrescher@limra.com
Catherine Theroux, (860) 285-7787, ctheroux@limra.com
Howard S. Drescher, (860) 285-7875, hdrescher@limra.com
Catherine Theroux, (860) 285-7787, ctheroux@limra.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