If the tensor product of every finitely generated submodule of A with every finitely generated submodule of B is zero then A×B is zero. This follows directly from the above.
If A×B is zero, not much can be asserted about their submodules. For instance, let A = Zp, the integers mod p, and let B = Q, the rationals. Both are Z modules. What does the tensor product look like? Recall that 0 in either component maps to 0. If the second component is a nonzero rational number it is divisible by p. Move p to the other side and make the first component zero. Therefore the tensor product is 0. However, if we restrict B to Z, a submodule of Q, Zp tensor Z = Zp, which is nonzero. Restricting attention to a finitely generated submodule can turn a zero tensor product into something nonzero.