Stay Alert With Athene’s Financial Crime Programs

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Our goal is to provide valuable information on an ongoing basis that can help in your efforts to prevent, detect and combat financial crime. These valuable tips and resources can help you understand your obligations.


Anti-Fraud: Precious Metal Investments

Precious metals may be an appropriate investment for individuals looking to reduce risk by owning an asset with value that cannot be easily eroded by inflation. They may also provide a useful and effective means of diversifying a portfolio. However, experts recommend that customers who invest in precious metals do so conservatively (meaning 5% – 10% of their retirement funds). 

Our Special Investigation Unit (SIU) has observed an increase in requests to surrender Individual Retirement Annuity contracts and transfer the funds to a company offering precious metals. After speaking to customers and financial professionals, the SIU has determined that the customer may not have been advised of the applicable, and often large, withdrawal charge associated with the surrender of the contract, a bonus recapture and/or any negative Market Value Adjustment. Due to the contractual agreement, the surrender of the contract will occur unless canceled by the customer.

Potential risks to the customer may include:

  • High-pressure sales tactics 
  • Persuasion tactics
  • Lack of knowledge about fees associated with investing in precious metals
  • Financial loss

We will attempt to contact the customer to inform them of any penalty and/or additional charges they may incur. We will also attempt to contact you as the financial professional to determine if the customer has a trusted contact, an Attorney in Fact or other directive in place. 


Anti-Money Laundering (AML): Acceptable and Unacceptable Forms of Payment

As a financial professional, you’re responsible for helping to identify and deter money laundering activities. Here are examples of acceptable and unacceptable forms of payment you need to know about prior to submitting an Athene annuity application:

Acceptable:

  • Personal check from a U.S. bank account with a preprinted name and address.
  • Cashier’s check if the owner is remitting from a U.S. bank account.
  • Wire transfer if funds are transferred from the U.S. bank account where the owner of the contract is the originator. 
  • Third party check if originated from a U.S. insurance company, financial institution or pension plan and is properly endorsed to Athene.
  • 1035 exchange check if received form a U.S. bank, insurance company or financial institution.

Unacceptable:

  • Cash in any amount including coins or currency.
  • Credit, debit or pre-paid card payments (E.g., Visa, Mastercard, American Express, Green Dot).
  • Checks or wires originating from any source other than the applicant’s bank account. (E.g., sending from a financial professional’s or agency’s account).
  • Starter or temporary checks from an individual or entity without the owner’s preprinted name or address.
  • Starter or temporary checks from an individual or entity not drawn from a U.S. bank account. 
  • Money orders or traveler’s checks.
  • Virtual or digital currency (E.g., Bitcoin or Litecoin).