Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) in Insurance Training

 Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) in Insurance Training 

Introduction

The insurance sector has become an emerging target for illicit financial activities, making it imperative for professionals to understand Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations. Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) in Insurance Training provide comprehensive, hands-on knowledge and skillsets to insurance professionals to detect, prevent, and report suspicious transactions in line with global compliance standards. Emphasis is placed on real-world application, legal frameworks, regulatory compliance, and risk-based approaches to financial crime prevention.

Through this interactive and case-based learning experience, participants will gain critical insights into how money laundering and terrorist financing impact the insurance industry. With a strong focus on international best practices, compliance frameworks, and digital fraud threats, this course equips learners to navigate the ever-evolving regulatory landscape with confidence and integrity.

Course Objectives

1. Understand the fundamentals of AML and CTF regulations in the insurance industry.
2. Identify typologies of money laundering and terrorist financing methods specific to insurance.
3. Apply risk-based approaches to detect and mitigate AML/CTF threats.
4. Comply with global AML regulations and FATF Recommendations.
5. Recognize red flags in insurance products and policyholder behavior.
6. Conduct enhanced due diligence (EDD) and customer due diligence (CDD) procedures.
7. Navigate the legal obligations under KYC, KYB, and suspicious transaction reporting (STR).
8. Integrate anti-fraud technology and AI-based tools for AML compliance.
9. Develop internal policies, controls, and procedures to combat financial crime.
10. Train insurance staff on AML/CTF awareness and compliance protocols.
11. Analyze case studies of AML/CTF failures and successes within insurance firms.
12. Collaborate with regulatory bodies and financial intelligence units (FIUs).
13. Prepare for regulatory audits and demonstrate AML program effectiveness.

Target Audience

1. Insurance compliance officers
2. Underwriters and claims managers
3. Risk management professionals
4. Internal auditors and legal teams
5. Customer onboarding and KYC teams
6. Insurance agents and brokers
7. Financial crime analysts
8. Regulatory and supervisory authorities

Course Duration: 10 days

Course Modules

Module 1: Introduction to AML and CTF in Insurance

• Definition and significance of AML/CTF
• Overview of global AML regulations
• Importance in the insurance sector
• Emerging threats and vulnerabilities
• Roles and responsibilities in insurance firms
• Case Study: The use of life insurance for laundering funds

Module 2: Global AML & CTF Legal Frameworks

• FATF Recommendations
• EU AML Directives and US Patriot Act
• Role of the United Nations
• Cross-border compliance challenges
• Country risk assessment
• Case Study: Regulatory breach by a global insurer

Module 3: Understanding Insurance-Specific Money Laundering Risks

• Life vs. general insurance vulnerabilities
• Single premium policies
• High-risk customers
• Reinsurance fraud
• Use of offshore insurance entities
• Case Study: Money laundering via annuity contracts

Module 4: Know Your Customer (KYC) and Customer Due Diligence (CDD)

• KYC documentation and verification
• Customer risk rating
• Beneficial ownership identification
• Enhanced due diligence
• Ongoing monitoring
• Case Study: Incomplete CDD and regulatory penalties

Module 5: Detection of Suspicious Transactions

• Identifying red flags
• Transaction monitoring techniques
• Suspicious indicators in claims and premiums
• Behavioral anomalies
• Use of automated detection tools
• Case Study: A flagged policy that led to criminal conviction

Module 6: Reporting Obligations and STR Filing

• Legal obligation to report suspicious transactions
• Structure and content of an STR
• Internal reporting systems
• Timeline compliance
• Role of FIUs
• Case Study: Successful prosecution following timely STR

Module 7: Risk-Based Approach to AML/CTF

• Components of a risk-based approach
• Risk assessment frameworks
• Risk categorization of products/customers
• Risk mitigation strategies
• Tailoring controls to risk levels
• Case Study: Failures from generic risk assessments

Module 8: Internal Controls and Governance

• Governance structure for AML
• Roles of board and compliance committees
• Internal AML policies and manuals
• Record-keeping obligations
• Whistleblower mechanisms
• Case Study: Weak governance leading to regulatory sanctions

Module 9: Role of Technology in AML Compliance

• AML software solutions
• Artificial intelligence and machine learning
• Transaction monitoring systems
• Case management platforms
• Digital KYC/Onboarding tools
• Case Study: Automation preventing policy laundering

Module 10: AML Training and Culture

• Importance of AML culture
• Staff training schedules
• Interactive training methodologies
• Compliance communication
• Creating a whistleblower-friendly environment
• Case Study: Impact of AML culture on insurance firm success

Module 11: Role of Audits in AML

• Internal vs. external audits
• Audit tools and checklists
• Compliance gap analysis
• Reporting audit findings
• Remediation actions
• Case Study: Internal audit unveiling systemic failures

Module 12: Product and Service Risk Assessment

• Risk evaluation of insurance products
• Risk assessment during product design
• Factors increasing product risk
• High-risk customer profiles
• Documentation and approval processes
• Case Study: High-risk policy exploited for laundering

Module 13: International Collaboration and Data Sharing

• Importance of cooperation with regulators
• Mutual legal assistance treaties (MLATs)
• Data privacy vs. transparency
• Information exchange protocols
• Use of Egmont Group and FIUs
• Case Study: Joint investigation leading to terrorist fund disruption

Module 14: Trends and Emerging Threats in AML/CTF

• Cryptocurrency and digital asset laundering
• Trade-based money laundering in insurance
• ESG and AML risks
• AI and deepfake threats
• Trends in regulatory enforcement
• Case Study: Crypto-funded life insurance laundering

Module 15: Final Assessment and Capstone Simulation

• Interactive AML case simulation
• Role-playing AML compliance scenarios
• Assessment of STR filing
• Discussion and debrief
• Certificate issuance
• Case Study: Learner simulation outcomes

Training Methodology

• Instructor-led live webinars and workshops
• Interactive case-based discussions and breakout sessions
• Simulation exercises and role-playing
• Hands-on tools and compliance templates
• Quizzes, assessments, and certification tests

Register as a group from 3 participants for a Discount

Send us an email: info@datastatresearch.org or call +254724527104 

Certification

Upon successful completion of this training, participants will be issued with a globally- recognized certificate.

Tailor-Made Course

 We also offer tailor-made courses based on your needs.

Key Notes

a. The participant must be conversant with English.

b. Upon completion of training the participant will be issued with an Authorized Training Certificate

c. Course duration is flexible and the contents can be modified to fit any number of days.

d. The course fee includes facilitation training materials, 2 coffee breaks, buffet lunch and A Certificate upon successful completion of Training.

e. One-year post-training support Consultation and Coaching provided after the course.

f. Payment should be done at least a week before commence of the training, to DATASTAT CONSULTANCY LTD account, as indicated in the invoice so as to enable us prepare better for you.