Atlanta, Ga. - The fact that the USA Patriot Act requires that all entities defined as financial institutions for Bank Secrecy Act purposes establish anti-money laundering programs has not been lost on LOMA, an Atlanta-based insurance and financial services industry trade association. The group is releasing an online anti-money laundering (AML) course on LOMALearn Online-LOMA's growing e-Learning portal.
The Financial Crimes Enforcement Network's (FinCEN's) final rule to prescribe minimum standards applicable to the provision in the Bank Secrecy Act became effective December 5, 2005. Under the FinCEN minimum requirements, insurance companies that sell, service, and administer certain types of permanent life insurance policies, annuity contracts, and other insurance products that contain cash value or investment features must establish an AML program that includes "ongoing training of appropriate persons concerning their responsibilities under the program" and "independent testing to monitor and maintain an adequate program." Companies must be compliant with these minimum standards by May 2, 2006.
LOMALearn Online's AML course provides a clear explanation of the various techniques of money laundering and other threats to the financial industry, including a discussion of the regulations designed to detect, monitor, and prevent these criminal actions. The course covers The Bank Secrecy Act of 1970 in detail-from its legislative history to its present day applications in financial services. The International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, which arise out of Title III of the USA Patriot Act of 2001, are also covered.
In addition to the course content, LOMA's Learning Management System (LMS) enables administrators to track student progress and ensure training is completed in a timely manner all through one interface. LOMA's LMS provides unprecedented levels of course and exam tracking, including access to each Learning Object by every user, as well as all test attempts down to the individual answers given. LOMA can also create custom reports based on students' data. Once designed, these reports can be generated on a monthly or quarterly basis.
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