California- 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:

  • General

Credit Hours
4

Course Type
Online

DOI Number
320913

Publisher
FastrackCE, LLC

State
California

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

  • Fire and Casualty Broker-Agent

    • 24 CE hours, including 3 hours of ethics, are required every 2 year license term regardless of years licensed.
  • Life Only Agents and/or Accident and Health Agents

    • Complete a minimum of 24 approved credit hours for that license type per each two-year license term, including 3 hours of ethics continuing education training. If the licensee solicits individuals for the sale of long-term care (LTC) insurance, beginning with the 12-month period ending in 1994, 8 of 24 hours must be in specially designated LTC courses
  • Dual Licenses

    • The CE requirement goes to the individual, not to each license held. The CE requirement can be met by taking courses approved for either license type.
  • Personal Lines Broker-Agent

    • Complete a minimum of 24 hours of CE each license term, including 3 hours of ethics continuing education training. The license term is defined as the two-year period beginning on the date the license was originally issued and ends two years later on the last day of the month that the license was originally issued
    • The Personal Lines Broker-Agent Licensee may satisfy this requirement by taking any approved fire and casualty continuing education course
  • Limited Lines Automobile Insurance Agent

    • Complete a minimum of 20 hours of CE each license term, including 3 hours of ethics continuing education training. The license term is defined as the two-year period beginning on the date the license was originally issued and ends two years later on the last day of the month that the license was originally issued.

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

  • Long Term Care -LTC

    • Initial LTC training requirement: Agents selling Long Term Care must complete an 8-hour state approved Long Term Care course every year for the first 4-years
    • On-going LTC training requirement:After completing the initial 8-hour training requirement, producers licensed 4 years or less must complete 8 hours of state-approved LTC training annually for the first 4 years of having their license. Producers licensed more than 4 years must complete 8 hours of state-approved LTC training in every 2-year license term.
  • Annuities

    • Initial training requirement: An approved 8 hour Annuity Training course must be completed prior to soliciting the sale of any annuity products.
    • On-going training requirement: An approved 4 hour Annuity Training Refresher course is required every renewal period thereafter.
    • These hours are part of, and not in addition to, the continuing education requirement.
  • 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) which was approved by CDI’s Producer Licensing Bureau’s Education Section
  • Homeowners Valuation

    • On or after June 27, 2011, prior to estimating the replacement value of structures or explaining the various levels of coverage under a homeowners' insurance policy, California resident agents and brokers who have not previously completed the homeowners' insurance valuation training, must do so. Completion of this course will fully meet the training requirements.
    • The training requirement is part of, and not in addition to, the agents and brokers’ continuing education requirements.

How are Hours Reported

In California, we report to the DOI within one business day (except holidays, reporting will be done on next business day). The department recognizes the date you passed/completed the exam as the date of completion. It is not based upon the day we report the hours to them

License Term

  • Fire and Casualty, Life and Health, Limited Lines: Last day of the month the license was issued in every 2 years. For example, Licensed on May 15th, 2010 your renewal date would be May 31st, 2012.
  • Personal Lines:
    • License term is the last day of the license issuance month renewed every 2 years.
  • Independent and Public Adjuster:
    • Before 1/1/11 license is renewed every even year on 5/31 and AFTER 1/1/11 license is renewed last day of license issuance month every 2 years

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. There is an unlimited amount of retakes.

Repeating Courses

  • A course may not be taken for credit more than once within a 2 year license term. Within the first 4 years of selling LTC products, producers may only repeat a LTC course every 24 months from the original course completion date.

Carry Over Hours

  • Hours may be carried over to the next year. Excess hours from an approved Ethics, Annuity or LTC course are carried over as a general credit only.

State Insurance Department

California Department of Insurance
320 Capitol Mall
Sacramento, CA 95814-4309

(800) 967-9331 or (916) 322-3555
www.insurance.ca.gov