PRZOOM - /newswire/ -
Milwaukee, WI, United States, 2011/01/10 - Quest Continuing Education Solutions (Quest CE) is reminding producers that they offer the industry’s most affordable and comprehensive Anti-Money Laundering Training (AML) Solution.
Quest CE’s AML course, titled “Anti-Money Laundering Regulations and Red Flag Requirements,” was recently authored and fulfills producer’s annual AML requirement. The course retails for $14.95 and is available for purchase at Quest CE’s proprietary Renaissance Learning Management System.
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 email sales[.]questce.com.