Powerful AML Solutions for the Insurance Sector

Staying vigilant against money laundering protects your business and strengthens your bank relationships. Robust AML compliance can help keep your data secure, identify suspicious activity, and minimize risks. Confidently navigate trade finance and build trust with your partners with FinScan.

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Innovative technology

Modernize your existing AML processes by selecting our end-to-end solution, or seamlessly integrate any FinScan product in your existing workflow with our robust, proprietary batch or API protocols.

Enhanced data quality

Attain more accurate screening results by enhancing data quality, resulting in fewer false positives and uncovering hidden risks.

Insurance expertise

Leverage decades of experience in AML compliance for the insurance sector to gain a thorough understanding of both regulatory requirements and the intricacies of insurance operations.

Strategic partnership

Build long-term success through a partner relationship, founded on excellent customer service and a continuous dialogue with AML our subject matter experts.

Simplify Your Insurance AML Operations with a Comprehensive Solution

Keep your insurance company protected from financial crime and stay compliant with FinScan’s end-to-end solution. FinScan seamlessly integrates with your workflow, minimizing risk and ensuring AML compliance at every step of the customer journey.

KYC and Customer Due Diligence (CDD)

Collect policy holder information such as name, address, date of birth and other identifying information.

Verify policy holder’s identity by validating their ID documents and asking for proof of address.

Identify the ultimate beneficial owners of entities enrolling in a policy.

AML and Sanctions Screening

Screen policy holders against sanctions, PEP, watchlist, internal lists (including fraud lists) and adverse media.

Onboarding Risk Assessment

Measure AML risk associated with policy holders by dynamically evaluating multiple factors to assign risk ratings.

Payment Screening

Screen your claims payout before making policy payments.

Screen all policy payments sold through agents and broker-dealers.

Securities Screening

Uncover the potential risk of violations hiding in your trading books and securities inventory according to the latest regulations.

Enhanced Due Diligence

Create detailed investigative due diligence reports to push your investigations further for high-risk policy holders.

Documents and Notes

Securely store documents and notes related to each policy holder for easy access and document your decision making.

Audit Trail

Track every case back to its origin, ensuring that all AML data and policy holder information is accurately recorded and compliant with regulators’ requirements.

Fact

A quarter of the top 20 insurance companies in the world rely on FinScan.

Optimize Your Insurance AML Operations

Prevent money laundering by improving your customer data collection and onboarding while balancing the process with data protection requirements. Maximize your payment and sanction screening to avoid regulatory and legal issues.

Large Record Volume

Reliably process any volume of records – from a few thousand to hundreds of millions. Screen quickly and efficiently in batch or in real time through our API to effectively identify risk while avoiding interruption to your daily operations.

Dramatically reduce false positive rates for your review team with advanced screening technology and better data.

Multiple Data Sources

Easily connect multiple data sources and ensure consistent formatting to refine your matching criteria and improve accuracy. Additionally, reduce unnecessary alerts by eliminating duplicate records, streamlining your screening process and saving time.

Data Quality Challenges

Eliminate data quality issues commonly found in the insurance industry that can lead to false negatives in your AML screening. With FinScan, you can rest easy knowing that you have the tools to tackle these issues head on, ensuring that risky policy holders are not overlooked.

Global Operations

Support your global AML operations by screening against the necessary AML lists by jurisdiction.

With FinScan’s native-to-native screening technology, you can screen in different languages and alphabets, resulting in more accurate screening results.

Cross-team Escalation

Customize your escalation workflow and user controls with FinScan to support your AML operations worldwide. Easily configure alerts to be reviewed by users in different countries and on different teams, with the ability to escalate to the relevant team.

Data Protection Regulation

Choose the deployment option that best supports local data protection laws. Whether on-premise, cloud-based, or a hybrid of both, you have the flexibility to meet the most complex data protection requirements, ensuring compliance while supporting your business expansion.