Anti-Money Laundering in Insurance Companies
Swiss Life is Strengthening its Security Standard for Combating Money Laundering.
About Swiss Life
The Swiss Life Group is one of Europe’s leading insurance and financial service providers. In its core markets of Switzerland, France and Germany, Swiss Life offers individuals and corporations comprehensive and individual advice plus a broad range of products.
AML measurements
Detecting High-Risk Persons
Swiss Life was pursuing the objective of identifying high-risk persons to prevent money laundering and terrorist financing, as part of their compliance digital transformation program.
Challenge
Fulfil Regulatory Requirements
Swiss Life wanted to automate the process of identifying high risk people from their database by checking against Thomson Reuters World-Check List. The software solution they were seeking was expected to be used in several subsidiaries in Europe as well as in Singapore.
Objectives
- Corporate software solution to detect high-risk persons
- Implementation in several European countries and Asia
- Interface with Thomson Reuters World-Check list
Solution
Software „Name Matching Customer“
Name Matching Customer has been in use at the headquarters of Swiss Life since 2006. The company branch in France is also using this software system to check their clients electronically. The NMC module allows checking of name similarities, aliases and other spellings of the name, birth data and additional data such as domicile or nationality of the person against PEP and sanctions lists.
„We rely on the ACTICO solution for the prevention of money laundering and terrorist financing. ”
Oliver Hügli, Group Head of Compliance & Qualitative Risk Management
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