| Money laundering plays a fundamental role in facilitating the ambitions of drug traffickers, terrorists, organized criminals, insider dealers, tax evaders, and many others who need to avoid the attention from authorities that sudden wealth from illegal activities brings. In using money laundering, criminals seek to make their ill-gotten profits beyond the reach of asset forfeiture laws. Financial institutions such as insurance companies are at the forefront of the battle against money launderers. Under current legislation, insurance companies are responsible for policing their financial dealings and reporting suspicious transactions. This course will examine anti-money laundering regulation in the insurance industry, specifically focusing on the USA PATRIOT Act of 2001, the Suspicious Activities Report (SAR), the Customer Identification Programs (CIP), and the "Know Your Customer" provision (KYC). |
