Anti-Money Laundering Training – How and Why?
What is AML training?
00:58Money laundering is the process by which criminals disguise the proceeds of their crimes in order to make them appear legitimate or legally earned. The act of money laundering is often linked to most forms of organized crime and terrorist activity.
In an attempt to curb the flow of laundered funds across the globe, international governments and industry bodies have sought to devise and implement effective control mechanisms, including laws and regulations, supervisory regimes and industry guidance. These regulations and guidance are continually updated to address ever more sophisticated money-laundering schemes and recent developments in digital technology.
The provision of effective anti-money laundering (AML) training is essential in helping organizations meet their regulatory obligations and to prevent the negative impacts money laundering and terrorist financing can have on society, the economy, organizations, their customers and employees. LIMRA AML training for the insurance industry offers a range of AML training resources that are designed to explore the money laundering and terrorist financing risks across a range of jurisdictions, industries, and role types. This modular approach allows organizations to tailor AML training to meet their specific requirements.
How long is AML training good for?
If you plan on starting or continuing your career as an independent insurance agent, you need to complete your anti-money laundering training every 2 years as well as stay up to speed with the updates.
Contact Diversified Insurance Brokers, Inc. for how to get AML training completed..
Email Jarad@diversifiedins.com