Anti-Money Laundering for Insurance

This unit examines the Bank Secrecy Act and anti-money laundering regulatory framework as applied to insurance companies, including covered products, regulatory authority, and the unique compliance challenges arising from insurance industry characteristics.

This unit examines specific money laundering schemes targeting insurance products, including policy cycling, early surrender patterns, third-party premium payments, and complex ownership structures used to obscure the origin of illicit funds.

This unit examines customer due diligence obligations for insurance companies, including customer identification, beneficial ownership rules for legal entities, risk-based verification procedures, and ongoing monitoring requirements to detect suspicious activity.

This unit examines Suspicious Activity Report filing obligations for insurance companies, including filing thresholds and triggers, the SAR filing process, required documentation, confidentiality protections, and enforcement consequences for non-compliance.

This unit provides practical guidance on recognizing red flags in insurance transactions, including customer behavior patterns, transaction characteristics, documentation anomalies, and contextual factors that should trigger enhanced scrutiny and potential SAR filing.

This unit provides a framework for building and maintaining an effective AML compliance program for insurance companies, including required program elements, governance structures, risk assessment methodologies, and continuous improvement processes.