Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

Groups Fill AML Training Need

Your article was successfully shared with the contacts you provided.

LIMRA International and the National Association of Independent Life Brokerage Agencies are joining to organize a multicarrier anti-money-laundering training program.

New U.S. Treasury Department rules will require life insurers to offer AML training programs and suspicious activity reporting programs by May 2.

Each insurer must make sure that each producer meets AML training requirements, and that could create a problem for producers who represent many carriers, according to LIMRA, Windsor, Conn., and NAILBA, Fairfax, Va.

LIMRA is working with NAILBA to set up a program that will provide a standard AML producer training program. Producers who complete the LIMRA basic course can fulfill AML training requirements for several carriers at once, the groups say.

Each carrier has the ability to add any content needed to tailor the course to fit its own specific requirements, LIMRA says.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.