All over the world, the insurance industry generates a massive flow of funds. Some of these funds could be dirty money. Nevertheless, insurance agents are potentially prone to abuse by criminals like money launderers and terrorist financiers. Therefore, in the insurance industry minimizing the customers' risk is essential. Sanction Scanner helps your company to prevents financial crimes.
Time is important for the firms all the time. Sanction Scanner automates your KYC process and risk assessment with its enhanced and AI-Driven algorithm. Sanction Scanner evaluates your data and creates alerts via technical integration (API), mobile-friendly web screens, or batch query channels. Integration with Sanction Scanner's flexible APIs is effortless.
Insurance companies have to comply with anti-money laundering regulations requirements. The risk-based approach is central to effectively implementing recommendations for the authorities such as BSA and FATF to fight money laundering and terrorist financing. The insurance industry's risk-based approach highlights the nature and level of money laundering and terrorist financing risks of the insurance industry. Sanction Scanner helps firms to implements these risk-based recommendations and rules.
Organizations serving in the ınsurance industry are required to fulfill their AML and KYC obligations during the customer account opening processes. With our AML Screening Software, Insurance companies can scan their customers in more than two hundred countries' sanctions, PEP and adverse media data. The insurance industry has to comply with its AML and KYC obligations to avoid AML penalties.