After May 2, make sure you are reporting the following red flags to possible money-laundering activity:* The purchase of an insurance product that appears to be inconsistent with a customer's needs.
* Any unusual method of payment, particularly by cash or cash equivalents (when such method is, in fact, unusual).
* The purchase of an insurance product with monetary instruments in structured amounts.
* The early termination of an insurance product, especially at a cost to the customer, or where cash was tendered and/or the refund check is directed to an apparently unrelated third party.
* The transfer of the benefit of an insurance product to an apparently unrelated third party.
* Little or no concern by a customer for the investment performance of an insurance product, but much concern about the early termination features of the product.
* The reluctance by a customer to provide identifying information when purchasing an insurance product, or the provision of minimal or seemingly fictitious information.
* The borrowing of the maximum amount available soon after purchasing the product.
Source: Federal Register
