Basic AML/CFT for Insurance Brokers

Crowe UAE Academy is pleased to announce a practical and focused Basic AML/CFT Training for Insurance Brokers. This online training is designed to strengthen participants’ understanding of the fundamentals of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), with particular emphasis on the risks, vulnerabilities and compliance requirements relevant to the insurance sector.

The training will provide participants with an overview of money laundering, its stages and common typologies, while examining the specific vulnerabilities and money laundering typologies associated with the insurance sector. Participants will also gain an understanding of the National Risk Assessment 2024, Terrorist Financing and Proliferation Financing, and relevant international and national AML/CFT guidelines.

The program further covers AML/CFT compliance programs, risk-based approaches, obligations of front-line staff, Customer Due Diligence, Enhanced Due Diligence for high-risk customers, identification of Politically Exposed Persons (PEPs), Suspicious Activity Reports, red flags in the insurance sector, professional money laundering, sanctions compliance and Targeted Financial Sanctions. It also addresses sanctions risks in the marine sector, penalties for non-compliance and the importance of developing a strong culture of compliance.

This training is particularly relevant for professionals working across insurance brokerage firms, insurance intermediaries, insurance providers and other organizations involved in insurance distribution.

What You Will Learn – Basic AML/CFT Course Outline

Who Should Attend?

This training is designed for professionals working in:

• Insurance brokerage firms
• Insurance intermediaries
• Life insurance providers
• General insurance companies
• Reinsurance brokers and intermediaries
• Financial services organizations involved in insurance distribution

The program is particularly suitable for:

• Insurance Brokers – new and experienced
• Insurance Sales Representatives and Agents
• Brokerage Operations Staff
• Customer Onboarding/KYC Teams
• Compliance Officers and Compliance Support Staff

Why Attend This Basic AML/CFT Training?

• Strengthen your understanding of the fundamentals of Money Laundering and AML/CFT.
• Understand the stages of money laundering and common money laundering typologies.
• Develop greater awareness of AML/CFT vulnerabilities specific to the insurance sector.
• Understand money laundering typologies relevant to the insurance sector.
• Gain awareness of the National Risk Assessment 2024.
• Develop an understanding of Terrorist Financing and Proliferation Financing.
• Gain awareness of international and national AML/CFT guidelines.
• Understand the key components of an AML/CFT compliance program and the risk-based approach.
• Understand the AML/CFT obligations of front-line staff.
• Strengthen your understanding of Customer Due Diligence and Enhanced Due Diligence for high-risk customers.
• Understand the identification of Politically Exposed Persons (PEPs).
• Develop awareness of Suspicious Activity Reports and key red flags within the insurance sector.
• Understand professional money laundering and sanctions compliance.
• Develop awareness of Targeted Financial Sanctions and sanctions risks relevant to the marine sector.
• Learn about penalties associated with non-compliance.
• Understand the importance of establishing and maintaining a strong culture of compliance.
• Complete a focused and practical 3-hour online AML/CFT training session.