Life insurance can be an effective target for savvy criminals looking to launder money. Any life insurance or annuity product with a cash-out or investment value is a potential money laundering threat. However, not all anti-money laundering (AML) insurance solutions can detect more sophisticated financial crimes.
AML Risk Manager from Fiserv provides the comprehensive capabilities to detect, alert, manage and report money laundering threats to compliance officers, helping to streamline and simplify compliance with country-specific regulations and reporting requirements, and manage multiple currencies and languages.
AML Risk Manager is a highly effective, versatile solution for brokers, agencies and enterprise-level companies alike, monitoring policyholders, beneficiaries, agents and employees for criminal activity.
AML Risk Manager 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.
– Steven A. Friedman
Executive Vice President, Chief Investment Officer
Pan-American Life Insurance Group
Enhanced analytics and detection techniques to uncover previously hidden compliance risks, identify more suspicious activity and reduce false positives
Automated reporting and dashboards including customized data visualization to help meet regulatory and compliance requirements
KYC scoring incorporating onboarding information and post-investigation intelligence
Robust profiling capability including rolling time periods
Flexible platform that adapts to regulatory changes and optimizes operational efficiency
Learn more about how AML Risk Manager for Insurance arms your compliance officers with processes and technology designed to support the specific needs and money laundering risks faced by insurance companies.
A fragmented approach to anti-money laundering (AML) transaction and risk monitoring, manual risk assessments, increasing regulations and money laundering concerns created a burden for Empire Life’s compliance team. To address these concerns, the company implemented an objective risk ranking system to increase its compliance confidence.
Learn how to detect, alert, manage and report threats of money laundering by flagging these 12 warning signs.
As a large mutual insurance company with millions of members, The Guardian Life Insurance Company of America (Guardian) knew it could be a target for financial crime. To proactively address money laundering and fraud threats, the company implemented the Financial Crime Risk Management Platform from Fiserv.
We'd love to talk about how AML Risk Manager can help your business reach its goals. Simply fill out the form below and we’ll be in touch.