See an update from American General below.
Contact Relationship Manager Bob Hertz, Bob.Hertz@LeClairGroup.com, with questions.
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Due to the direct nature of a relationship a producer or broker has with the customer, insurance companies are required to integrate producers and/or brokers* into their anti-money laundering (AML) programs and to provide ongoing training.
As a producer or broker appointed with one, or more, AIG member Companies, you are required to complete approved AML training on an annual basis.
In an effort to ensure distributors of AIG products receive AML training that meet AIG standards, a review of AML training courses provided by external vendorswas conducted. AIG looks for a robust AML training program to include, at a minimum, the following criteria:
- The Definition of Money Laundering
- Three Stages of Money Laundering
- Willful Blindness
- Terrorist Financing
Agent &/or Broker Responsibilities
- Understanding Company Programs & Requirements
- Identifying Red Flags & Reporting Suspicious Activity
Know Your Customer
• Agents &/or brokers front line role with Customer
• Source of funds used to pay for the policy
• Verifying the customer’s identity
Suspicious Activity Monitoring & Reporting
- Identifying Red Flags
- Methods of payment
- Initial point of sale meetings with customer
- New business & application activity
- Ongoing account activity
- Ongoing payment activity
- Responsibility to report suspicious activity of customers & potential customers to the insurance company
- Confidentiality of SARs
- Criminal (for organizations and individual)
- Fines in dollar amounts or as a multiple of the property involved in the transaction – whichever is greater
- Prison sentences (duration)
- Civil (for organizations and individuals):
- Fines in dollar amounts or the value of funds involved in the transaction -whichever is greater
- Seizure of any property involved
- Damage to the insurance company’s reputation
- Damage to personal/professional reputation