Insurance
Ensure AML Compliance and Avoid Fraudulent Claims
Insurance entities present a substantial opportunity for the facilitation of money laundering activities due to their involvement in the extensive transfer and management of substantial financial resources.
Implementing transparent and accurate AML practices helps to maintain reputation and gain consumer trust.
Reputation is a cornerstone for any insurance company. Association with money laundering is a reputation tarnisher. It leads to dwindling customer trust and potential business losses. Therefore, strict AML protocols are non-negotiable. They are the shield for public image and a key to long-term market success.
Fincom’s AML for Insurance Companies
KYC Onboarding
KYC Ongoing (perpetual KYC)
Confirmation of Payee
AML Screening for Payments
Recognized for its revolutionizing impact on the future of AML Compliance.
Fincom’s latest awards:
AML screening is required by local and international regulators, financial authorities, and law enforcement agencies.
Sanction lists, watch lists and PEP lists are being constantly updated. To comply with AML regulations businesses must monitor these changes on a regular real-time basis.
Minimize Risks posed by New Customer Onboarding
and comply with AML Regulations
KYC Onboarding Sanctions Screening
The implementation of rigorous and expedient Anti-Money Laundering (AML) protocols during the initial onboarding process of new clients, suppliers, and employees significantly diminishes the likelihood of fraudulent conduct within the sector. The verification of the authenticity of new clients, suppliers, or personnel is imperative not solely to adhere to stringent AML directives but also to safeguard insurance firms against potential economic detriment arising from illicit operations.
Ongoing screening
of all company lists without interruption of the core business processes
Comprehensive approach to Due Diligence
In today’s rapidly changing geopolitical climate, the importance of ongoing sanctions monitoring cannot be overstated. With the pace at which individuals, companies, organized groups, and assets are being added to sanction lists, constant vigilance is critical for maintaining compliance and protecting against reputational damage.
Fincom’s Screening Solutions for Insurance companies provide continuous regular screening of all the company’s lists (suppliers, clients, employees, and partners) against the most updated version of sanction lists, watchlists, PEP lists, and internal restriction lists.
AML Sanctions Screening
Accurate instant name verification and matching
The most efficient AML screening solution, accurately matching names upon processing of payments.
Screening names of the beneficiary or originator’s bank and of all the parties to the transaction (account owners) upon transferring the insurance funds or receiving payments from the customers.
Confirmation of Payee
Make sure that the insurance funds are transferred to the intended recipients
Fincom’s advanced, automated Confirmation of Payee (CoP) solution assists insurance entities in streamlining their workflows and upholding their reputation, while complying with regulatory protocols for verifying bank accounts.
It conducts a pre-transaction validation of the International Bank Account Number (IBAN) against the beneficiary’s name, alerting the payer to any identified inconsistencies.
Why Fincom
Proven in US Banks to reduce operational costs by >90%
Accurate and immediate sanction screening upon onboarding
Accurate ongoing monitoring (pKYC) pursuant to regulations
Frictionless AML Sanction screening for cross-border transaction
The lowest Alert Rate on the market: <1-7%, depending on payment method
STP Rate – 95%
Explainable and transparent process, clear audit trail
All processes are managed throug a single centralized graphic UI
Insights
