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Simon, a licensed producer with XYZ Insurance Company, learns that his new customer who recently purchased a $1 million universal life insurance policy has connections with a nonprofit organization recently cited in the media as a front for terrorist financing. In this case, what should Simon do?

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Answer:

The answer is: Contact the agency manager, follow the company's AML protocol to file a Suspicious Activity Report to FinCEN.

Explanation:

The USA PATRIOT Act and Anti Money Laundering (AML) requires insurance companies to train their producers to detect possible money laundering activities by alleged terrorists or drug traffickers.  

The two most common insurance products utilized by terrorists or drug traffickers to launder money are single premium permanent life insurance and annuity products.

FinCEN  (Financial Crimes Enforcement Network) is the government agency that monitors insurance companies' compliance with the USA PATRIOT Act.

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