Training for Anti-Money Laundering
September 29th, 2009
You should be aware that federal regulations require all producers writing permanent life or annuity products to complete Anti-Money Laundering(AML) training and it is required to get training on an on-going basis. All producers who completed the Anti-Money Laundering for Insurance Producers course prior to 1/1/08 are required to complete the AML renewal training. The renewal course for the 2008 Anti Money Laundering for insurance, will automatically be assigned through LIMRA and will take about 30 minutes to complete. The training needed to be completed by June 30th, 2008.
You can find access to the renewal training through the Special Protocol Assessment (SPA) under the Anti Money Laundering link or on the any anti-money laundering site. All annuity business or permanent life submitted by a producer who has not completed the renewal training but June 30th, 2008 will not be issued. The training has to be complete and in the instances, the producer should have been notified about the importance of completing the training. There will not be a paper certificate issued upon course completion. The Home Page of the AML website will automatically provide notification to your company.
For all new producers, use the following guidelines for completion of the AML training. New producers who contract to sell annuity products and permanent life insurance must complete the Anti-Money Laundering training mandated by federal law. Producers will automatically be assigned the base course – ‘Anti-Money Laundering for Insurance Producers’ and if a producer has completed the Anti-Money Laundering for Insurance Producers course, then LIMRA will assign the renewal training course. AML training can be accessed through AML, once there you will need to create a User Name using the first four letters of you last name and the last six digits of your SS number. If it is your first time to log in, your password is your last name (all lowercase). Once logged on, you will be asked to change your password. For more information, go to Sales Professional Access and check out the Anti-Money Laundering link located on the homepage.
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