Texas Anti-Money Laundering

This course is designed to meet the requirements of the insurance industry to educate their agents and brokers regarding money-laundering activity, especially as it relates to terrorist activities.

Money laundering is the act of processing the proceeds of crime to disguise their illegal origin.  Sometimes the funds did not originate from crime but the individuals want to conceal fund origins since they will be used for terrorist activities (the parties do not want to be identified in this case).  Insurers and agents have always had responsibilities regarding the processing of policy applications and ethical requirements.  They now have additional responsibilities related to anti-money laundering and terrorist activities as a result of changes in the Bank Secrecy Act and the passing of the USA PATRIOT Act. This will be a new frontier for the majority of those associated with the insurance industry.  Agents and insurers have traditionally felt that they were immune from such activity.  Today we realize that cash value life products offer an excellent method of money laundering.  Other types of products may also be used, such as property and casualty products and even health contracts, but it is the cash value products that are most likely to be used.