Sanctions and PEP screening ensures data transparency while minimizing manual effort

Challenge

Recurring checks of data

Many insurance companies import data from multiple list providers such as WorldCompliance, Refinitiv or the Office of Foreign Assets Control (OFAC) SDN list. R+V has also decided to use multiple sanctions lists.

Defining screening logic and reducing the number of false positives

For R+V, the hit configuration applied across the entire database is a top priority. To cope with the huge volume of data, the hit configuration is constantly optimised and extended selectors are used to minimise false positives.

Solution

The insurer opted for ACTICO Customer Screening because it allows them to achieve their defined goals:

• Automated screening of insured individuals, contract and business partners, including claimants and beneficiaries
• Matching data against multiple sanction lists
• Processing high volumes of data with minimal false positive rate

Impact

Ensuring compliance – Secure examination of substantial amounts of data against sanctions and PEP lists

As part of its compliance obligations, R+V insurance checks its partner portfolio against current checklists on a daily basis, which involves cross-checking up to 30 million or so customer data sets with several hundred thousand data records from sanctions and PEP lists.