Quest CE Offers Anti-Money Laundering (AML) Training
Anti-Money Laundering Rule and Requirements
The USA Patriot Act is intended to strengthen U.S. measures to prevent, detect, and prosecute international money laundering and the financing of terrorism. These efforts include anti-money laundering (AML) tools that impact the banking, financial, and investment communities.
As a result of the Patriot Act, persons who are or are required to be registered as futures commission merchants (FCMs), introducing brokers (IBs), commodity pool operators (CPOs), and commodity trading advisors (CTAs) are subject to requirements for establishing AML programs, reporting suspicious activity, verifying the identity of customers, and applying enhanced due diligence to certain types of accounts involving foreign persons.
Organizations that as a part of their normal business activity that do one or any of the following are required to comply with developing an ongoing AML program:
* Report Suspicious Activity
* Verifying the Identity of Customers
* Due Diligence Measures for Certain Accounts Involving Foreign Persons
* Transactions in Excess of $10,000 in Currency
* Foreign Bank and Financial Accounts
* International Transportation of Currency or Monetary Instruments
* Information Sharing among Financial Institutions and Law Enforcement
Establishing AML Programs
The Patriot Act requires that all financial institutions establish AML Programs.
An AML Program must be in writing and must include:
* The development of internal policies, procedures, and controls;
* The designation of a compliance officer;
* An ongoing employee training program; and
* An independent audit function to test programs
Who Must Comply?
Covered financial institutions include banks, securities brokers, futures commission merchants and introducing brokers, investment advisers, money services businesses and operators of credit card systems.
Carriers Wishing to Start Their Own AML Program
Quest CE offers the financial service industry’s most comprehensive Online Anti-Money Laundering Training Program. With online training and tracking, advanced reporting features, and fully customizable course content, Quest CE’s AML program will ensure that your firm stays compliant with FINRA and USA PATRIOT Act requirements.
* 24×7 Online User Access
* Real-Time Reporting Functionality
* Automatic Email Reminders
* Custom Course Creation
* Annual Course Updates
* Daily, Weekly, or Monthly User Uploads
* Online Certification
* Customized Web Portal
For more information on starting your own AML program contact the Quest CE Sales Team at 877-593-3366 or e-mail them at email@example.com.
Since 1986, Quest CE has built a reputation of being the premier provider of Compliance Education to the financial services industry. In addition to offering Providership Administration and insurance continuing education (CE) for professionals holding insurance licenses and professional designations like the CFP, CPA, CLE, CIMA and CLU/ChFC designations, Quest also provides a complete spectrum of compliance training solutions including the Financial Industry Regulatory Authority (FINRA) annually required Firm Element Training for registered representatives, On-demand Annual Compliance Meetings, Annual Compliance Questionnaires, Needs Analysis Surveys, Outside Business Activity Tracking, Gifts and Entertainment Tracking and Political Contributions Tracking.
With a client retention rate of 99.95% and a growth rate of over 500% since January 1, 2005, more and more people are discovering why Quest CE is the Next Generation of Compliance Training Solutions. Quest CE serves more than 230 leading insurance carriers, broker/dealers, banks, and other financial institutions. Quest is a privately held firm which allows us to quickly meet the ever-changing needs of their clients. Quest’s commitment is to provide advanced custom solutions at cost effective rates while providing a level of service that greatly surpasses that of our competitors. Quest provides a single source solution for organizations training and compliance needs, saving you both time and money.
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