The act that requires AML training for financial institutions including insurance companies is called:

The act that requires AML training for financial institutions including insurance companies is called:

• A. USA Patriot Act
• B. Dodd-Frank Act
• C. Gramm-Leach-Bliley Act
• D. Sarbanes-Oxley Act

Answer: (A)

AML training is required by the act that strengthened the Bank Secrecy Act after 9/11. It requires financial institutions, including insurance companies, to have an AML program with internal controls, a designated BSA/AML compliance officer, ongoing employee training, and customer identification procedures to help detect and report suspicious activity and prevent money laundering and terrorist financing. The other acts focus on different areas—financial reform, privacy, or corporate governance—so they don’t impose this broad AML training requirement on insurers.

AML training is required by the act that strengthened the Bank Secrecy Act after 9/11. It requires financial institutions, including insurance companies, to have an AML program with internal controls, a designated BSA/AML compliance officer, ongoing employee training, and customer identification procedures to help detect and report suspicious activity and prevent money laundering and terrorist financing. The other acts focus on different areas—financial reform, privacy, or corporate governance—so they don’t impose this broad AML training requirement on insurers.