As of December 1, 2021, KSKJ Life will require all agents to complete an Anti-Money Laundering (AML) course. This requirement must be completed by December 31, 2021.
The following topics are covered in this email:
· How do I complete this requirement?
· Information about KSKJ Life AML Program
· What is the purpose of the AML program and why do we need it?
How do I complete this requirement?
There are a few ways that you can complete this requirement:
· Complete through our program at no cost to you. (More information below)
OR
· Complete through another company and send us your completion certificate.
If you have an AML Course completion certificate, please submit to our Sales Department:
***IMPORTANT: If you do not complete this requirement by December 31, 2021, we will no longer be able to accept any new business from you until the requirement has been met. ***
About the KSKJ Life AML Program
KSKJ Life has partnered with LIMRA to provide all our agents with access to Anti-Money Laundering courses to fulfill their requirement. Following is important information about the courses:
· An initial course along with a bi-annual refresher course will be required for all contracted agents with KSKJ Life.
· If you have already completed an Anti-Money Laundering course with another institution for the current year, your requirement has been met for this year.
· If you have not completed an Anti-Money Laundering course within the past 2 years, you will need to complete a refresher course.
· This course through KSKJ Life is at no cost to you.
KSKJ Life will notify you if you need to take this course. If you have any questions, please contact the Sales Department.
What is AML & Why do we need it?
FINRA explains AML rules as follows:
The purpose of the AML rules is to help detect and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.
The SEC explains the following:
Section 352 of the USA PATRIOT ACT amended the BSA to require financial institutions, including broker-dealers, to establish AML programs. Broker-dealers can satisfy this requirement by implementing and maintaining an AML program that complies with SRO rule requirements.
An insurance company, such as KSKJ Life, is defined as a financial institution under the USA Patriot Act. We currently offer products that are at a high risk for money laundering and therefore we are required to establish money laundering requirements for both our internal staff and contracted agents.
Should you have any additional questions about the information provided in this email, please contact our Sales Department at sales@kskjlife.com or Agent Hotline #855-332-8809. Thank you.
