All over the world, the insurance industry generates a massive flow of funds and some of these funds may not be clean money as we would like to think. Nevertheless, insurers are potentially prone to abuse by criminals including money launderers and terrorist financiers. So, In the insurance industry minimize the customers' risk is very important. Sanction Scanner helps your Insurance firm prevents from financial crimes.
Time is important for insurance firms like other industries. Sanction Scanner automates your KYC process and risk assessment with its enhanced and AI-Driven algorithm. Your customers' information flows to Sanction Scanner, it evaluates the data and it alerts or lets the process immediately via technical integration (API), mobile-friendly web screens or batch query channels. Integration with Sanction Scanner's flexible APIs is very easy.
Insurance companies have to comply with anti-money laundering regulations requirements. The risk-based approach is central to effectively implement recommendations the authorities such as BSA, FATF to fight money laundering and terrorist financing. The risk-based approach for the insurance industry highlights the nature and level of money laundering and terrorist financing risks of the insurance industry. Sanction Scanner helps insurer, insurtechs, re-insurers and brokers 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.