WASHINGTON, D.C. and WINDSOR, Conn., Dec. 4, 2008 – LIMRA and CFM Partners today launched a bilingual training program to meet the recent requirements for Canadian life insurance agents to receive ongoing Anti-Money Laundering and Anti-Terrorist Financing training.
As of June 23, 2008, The Proceeds of Crime (Money Laundering) and Terrorist Financing Act requires Canadian life insurance agents and brokers and life insurance companies to implement a Mandatory Compliance Regime, which includes an ongoing compliance training program.
With the addition of Anti-Money Laundering and Anti-Terrorist Financing for Life Insurance Agents and Brokers (Canada) to their online Anti-Money Laundering Training Program, LIMRA can now support the needs of Canadian agents and carriers. A similar industry-wide program in the U.S. has become the industry standard for that country, with more than 600,000 agents and brokers representing over 125 carriers having completed the training.
“We worked closely with Canadian regulators and industry associations to ensure that our program meets industry training obligations,” said Tom Caraher, LIMRA's vice president and director of Compliance and Regulatory Services. “The program will be reviewed and refreshed annually to ensure that it continues to meet evolving requirements.”
The easy-to-use online program is offered in both French and English to meet the unique requirements and structure of the Canadian insurance industry. The course takes only an hour to complete and provides a convenient and inexpensive way for insurance agents and brokers to meet the requirements of FINTRAC Compliance Training rules and obtain technical continuing education credit.
“LIMRA's team of experienced compliance professionals and its industry relationships combined with the CFM Network™, our instructional design and financial services experts, provide a seamless approach to the development and rollout of a global program for compliance with AML regulations for insurance carriers and agents,” notes Beth Murphy, president and CEO of CFM Partners. “We are delighted to partner with LIMRA in developing this program to address a very serious issue within the financial services marketplace.”
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 at www.limra.com.
About CFM Partners
CFM Partners is a compliance and risk management education firm based in Washington, D.C. CFM develops, hosts, and supports the worldwide financial services industry's most sophisticated and comprehensive Governance, Risk Management and Compliance (GRC) education solutions. CFM solutions set the standard for high quality, audience-appropriate, knowledge delivery and information management. Many of the world’s most successful financial service organizations turn to CFM for Policy and Procedure Management and GRC learning solutions. For more information, please visit www.cfmpartners.com.