Washington- Anti-Money Laundering Today!

Total Hrs / Order Price
1-5 $15.95
6-17 $24.95
18-24 $39.95
25-50 $49.95
51+ $49.95 + $2.00 per
additional hour over 50

Pricing based on total number of
hours in order.

Approved For:

  • All Licenses

Credit Hours
2

Course Type
Online

DOI Number
605588

Publisher
FastrackCE, LLC

State
Washington

State
State CE Requirements

CE Course Description

Since the economic crisis, the insurance agency faces more stringent regulatory scrutiny—and insurance companies are expected to comply with AML and OFAC regulations.

Money laundering allows criminals to hide their profits from illegal activities by making legal purchases and transactions. Globally, worldwide money laundering activities add up to over $1 trillion per year—encouraging corruption, distorting economic data, aggravating social problems, and allowing criminals and terrorists to finance their activities.

Individual agents and producers—and the companies they work for—are attractive targets for money-launderers who seek to transfer value by buying certain insurance products. This course satisfies Continuing Education requirements in all states—as well as AML education requirements set by individual insurance companies for their employees. It is designed for Life and Health as well as Property / Casualty agents and producers.

Topics covered in this course include:

  • Provisions of the patriot act affecting insurance business, including the Suspicious Activities Report (SAR) and “Know Your Customer” provision (KYC).
  • An overview of the impact of money laundering on global and local economies.
  • Money laundering processes and methodologies—how it works.
  • Requirements and regulations for insurance professionals in dealing with suspected money laundering activities.
  • The Anti-Money Laundering (AML) Program and applicable federal laws.

Money laundering is a serious problem worldwide—and insurance agents and producers need to be vigilant against unknowingly cooperating with money-laundering scams. Download this course today—and deepen your understanding of Anti-Money-Laundering rules and regulations, expectations for individual producers, and how you can help.

Required CE Hours for Renewal

  • All licenses

    • Complete a minimum of 24 approved credit hours for that license type per each two-year license term, including three hours of ethics continuing education training.

Special Training/Education Requirements (LTC, Flood, Ethics, others)

  • Long Term Care -LTC

    • Agents wishing to sell Long Term Care are required to take a one time only 8 hour Department of Insurance certified course
    • Each license term thereafter each agent must complete a 4 hour Long Term Care Partnership CE course that is approved by the department.
  • Flood Insurance Training

    • An insurance producer who sells flood insurance may satisfy the minimum training and education requirements by completing a 3-hour course related to the National Flood Insurance Program (NFIP).

How are Hours Reported

  • We will notify the Department of Insurance electronically completed hours within one business day. The licensee will also be rquired to self-report their completed hours to WAOIC. The licensee is required to print and keep the certificate of completion in their files for three years.

License Term

  • License term is every two years on the last day of the licensed agents birth date.

Course Type approved for Continuing Education

  • Online courses
  • Independent Self-study
  • Classroom Study

Final Exam

  • Non-Monitored Open Book Exam
  • Must answer at least 70% of the questions correct to pass.

Carryover CE Hours

  • CE credits may not be carried over from one term to the next.

Repeating Courses

  • Courses can not be repeated in a three year period.

Completion Certificates

  • Certificates of completion are available as soon as a course is completed with a passing grade. Certificates should be printed and kept on file for 3 years.

Non-residents (except for LTC)

  • Nonresident agents wanting to sell LTC products will have to complete the same courses as resident agents.

State of Washington, Office of Ins. Commissioner
Agents/Brokers Division

CE information (360) 725-7146 or (800) 725-7146
Renewal information (360) 725-7144
Fax (360) 586-2019
Email: licinfo@oic.wa.gov

Mailing Address:
State of Washington, Office of Ins. Commissioner
Agents/Brokers Division
P.O. Box 40255
Olympia, WA 98504-0255