The USA PATRIOT ACT requires financial institutions, including insurance companies, to implement measures to detect, prevent, and report money laundering and other suspicious activity that the Federal Government suspects may fund or contribute to the funding of terrorist activities. The Company (American Home Life Insurance) has adopted policies, procedures, and controls to comply with the USA PATRIOT ACT and other Anti-money laundering regulations.
The Federal Government mandates that The Company provide USA PATRIOT ACT training to all employees and active Agents. The following sections are an agent-training course on the USA PATRIOT ACT and Anti-money Laundering. The objective of this training course is to raise your awareness of anti-money laundering rules and regulations so that you will have the knowledge to help detect and prevent possible money laundering. It is at your discretion if you would like to print off the material and mail in your completed training materials or to fill them out and submit them online. When you have successfully completed this course you will receive a certificate of recognition.
We appreciate your cooperation in complying with the Federal regulations and The Company’s guidelines. Please contact Les Diehl or Don Smith at the home office with any questions.
Course Overview
At the end of each section there will be questions covering the material in that section. There is no time limit to taking the test, however, you must answer each question correctly before continuing. The questions are all multiple choice and have only one correct answer.
Glossary of terms and abbreviations Cash Equivalent - A client paying his or her premium with multiple money orders that total more than $10,000 is clearly suspicious behavior.
The Company - phrase referring to The American Home Life Insurance Company
Life Insurance - for the purpose of this document, Life Insurance excludes all Group Life Insurance policies and Term Life Insurance policies under $10,000
Money Laundering - engaging in acts designed to conceal or disguise the true origins of criminally derived proceeds so that the unlawful proceeds appear to have been derived from legitimate origins or constitute legitimate assets.
Suspicious Activity Report (SAR) - Certain financial services firms are required to report any suspicious transaction by filing a SAR with the U.S. Treasury Department’s Financial Crimes Enforcement Network.
Willfully Blind - A deliberate effort by an employee or a financial institution to avoid or ignore information that could have led to the discovery of unlawful activity
AML - Anti-Money Laundering BSA - Bank Secrecy Act CTR - Currency Transaction Report EDD - Enhanced Due Diligence FATF - Financial Action Task Force FinCEN - Financial Crimes Enforcement Network KYC - Know Your Customer
