Any life insurance or annuity product with a cash-out or investment value is a potential money laundering threat. AML Risk Manager from Fiserv provides the comprehensive capabilities to detect, alert, manage and report money laundering threats to compliance officers.
Life insurance can be an effective target for savvy criminals looking to launder money. However, not all anti-money laundering (AML) insurance solutions can detect more sophisticated financial crimes.
AML Risk Manager helps streamline and simplify compliance with country-specific regulations and reporting requirements, and manage multiple currencies and languages. It’s a highly effective, versatile solution for brokers, agencies and enterprise-level companies alike.
AML Risk Manager monitors policyholders, beneficiaries, agents and employees for criminal activity. It also scans transactions and events involving policies, parties and products based on known insurance money laundering scenarios, such as lump sum payments, early withdrawals, frequent address changes or high-risk payment methods.
Working with Fiserv will optimize our ability to manage risk in an increasingly complex world so we can continue earning our customers’ trust when it comes to protecting what matters most – their families, their businesses and their futures.
– Steven A. Friedman, Executive Vice President, Chief Investment Officer, Pan-American Life Insurance Group
to detect previously hidden compliance risk
Advanced detection techniques
to identify more suspicious activity and reduce false positives
incorporating onboarding information and post-investigation intelligence
through fine-tuned scenarios and scores
tools and link analysis
Robust profiling capability
including rolling time periods
Watch list matching
supporting higher-volume processing and faster performance
Automated reporting and dashboards
including customized data visualization to help meet regulatory and compliance requirements
that adapts to regulatory changes and optimizes operational efficiency
Monitoring & Alerts
Monitoring of transactions and events involving policies, parties and products based on known insurance money laundering scenarios, with automated alerts ranked by risk. Learn more about AML Risk Manager Monitoring
AML Watch List Filtering
Screens client and vendor data against sanctions and PEP lists as well as custom and third-party lists. Supports regulatory compliance with organizations, such as the Office of Foreign Assets Control, the Office of the Superintendent of Financial Institutions and the United Nations. Learn more about AML Watch List Filtering
AML Case Management
Fully integrated case management solution to streamline compliance operations and help investigators organize, prioritize and manage investigations – while creating a permanent audit trail for regulatory review. Learn more about AML Case Management
AML Risk Manager Reporting
Enables self-service management reporting and data visualization, with automatically generated reports based on defined suspicious activity criteria. Configurable based on the specific reporting requirements imposed by local authorities or regulatory bodies such as FinCEN and FINTRAC. Learn more about AML Risk Manager Reporting
Accurate data that cannot be manipulated is crucial to preventing financial crime. If your fraud or anti-money laundering (AML) program is undermined by poor data, then your organization becomes vulnerable.
Fiserv AML experts discuss how life insurance companies should follow anti-money laundering programs to maintain operational efficiencies and meet regulatory requirements.
Learn about the comprehensive anti-money laundering program solution can provide the life insurance industry with a strategic AML advantage.
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