As a Nationwide financial professional, you may be required to obtain certain information about customers, such as the source of their funding for or their reason(s) for purchasing a product. This is part of Nationwide's effort to comply with federal anti-money laundering (AML) regulations.
There are three things you must do to be appointed to sell individual annuities and life insurance offered by Nationwide:
1. Notify us immediately of any concerns with suspicious activity observed
If a customer refuses to provide required information, seems to have provided false information, or if any other suspicious activity "red flags" are observed, notify Financial Crimes and Sanctions Compliance (FCSC) immediately so we can investigate the activity and determine if any additional action should be taken such as filing a Suspicious Activity Report (SAR). To report any suspicious activity that you may observe, please contact FCSC utilizing either the following phone number (877-406-4747) or email address (AMLReview@Nationwide.com). You can also call or email us if you are unsure about a situation and want to ask questions about it.
Some examples of money laundering red flags:
- Purchase of a product inconsistent with the customer's needs
- Purchase (or funding) of a product that appears to exceed a customer's known income or liquid net worth
- Large payments made via multiple smaller payment amounts (multiple checks, money orders or cashier's checks from multiple banks, or a combination thereof)
- Little or no concern by a customer for the performance of a product that they purchased
- Heightened concern about fees assessed for early termination of a product
- Inquiries about paying in cash and/or money orders to avoid tax reporting
2. Receive periodic AML training
- Independent financial professionals not affiliated with a broker/dealer You are required to complete Anti-Money Laundering training prior to being appointed with Nationwide. A completed certificate must be submitted to Nationwide when applying for an appointment. The completed training must have been taken within the previous 2 years to be valid
Nationwide has training available through our preferred vendor RegEd.
The training can also be completed on additional vendor websites such as Kaplan, LIMRA*, Success CE, Web CE, Quest, etc. Provided a completion certificate is submitted to Nationwide, we generally accept the training from vendors who offer AML training.
* If you complete the required AML training on the LIMRA website, you must complete and return the LIMRA Anti-Money Laundering NW Verification Form to Nationwide.
3. Retain records
You should retain records of AML-related information for as long as a contract remains active, and for an additional 5 years after the termination of the contract.
Nationwide's FCSC has the sole responsibility for responding to inquiries about any SAR. An agent or broker must not under any circumstances, disclose the contents of a SAR, or allude to the fact a SAR has potentially been filed or an investigation has even commenced to the subject of a SAR or to any third party.
You and Nationwide share an important responsibility to comply with the AML program and abide by AML laws. Failure to do so is grounds for discipline, up to and including termination of your appointment to sell Nationwide products.
Thank you for helping us combat money laundering and report suspicious activity. Please reach out to us if there are any questions.