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 financial crime at the same level of sophistication. AML Risk Manager monitors policyholders, beneficiaries, agents and employees for criminal activity. The AML insurance solution 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.
AML Risk Manager helps streamline and simplify compliance with country-specific regulations and reporting requirements, and manages multiple currencies and languages.
What Does an AML Insurance Solution Offer?
AML Risk Manager is a highly effective, versatile solution that offers these features for brokers, agencies and enterprise-level companies:
- Monitoring and alerts
- Watch list filtering
- Case management
- Investigation and analysis