Anti-Money Laundering (AML) Software Insurance Companies | TONBELLER

The Leading Software for Money-Laundering Research and Monitoring

Anti-Money Laundering (AML)

Products offered by insurance companies to insure life or casualties as well as premium refunds are of great interest for money launderers. Therefore, the legislator obliges insurance companies to implement systems that can detect a dubious business relation or suspicious transaction.

FICO TONBELLER helps insurance companies through all anti-money laundering aspects and stages with an integrated solution, whose components can also be employed as stand-alone applications. The solutions follow the risk-based approach and facilitates the identification, categorization, and description of money-laundering risks. Based on derived prevention measures, the configured research and monitoring system filters relevant money-laundering issues through analysis of the combined partner, contract, and payment data. Due diligence corresponds to the customer's risk class. Customer data is continually matched with sanction, PEP, and other lists. Alerts are edited in Case Management. Payments from or to sanctioned persons, organizations, or persons on the watch list are stopped and revised. Integrated cockpits allow the company's management to control money-laundering.

Our solution offers:

  • Coverage of all statutory requirements
  • Dedicated solutions for insurance companies
  • Multi-clients and multi-lingual user interfaces
  • Simple and comprehensive configuration of the standard software by the insurance company
  • Best-practice money-laundering check scenarios from a large number of customer installations
  • Easy data integration through standardized and flexible interfaces
  • 100% audit-proof documentation

      Siron®RAS Risk Assessment

      Assess and Manage Money-Laundering Risks

      Siron®RAS helps insurance companies create and continually develop their risk analyses. Identification, categorization, and the assessment of money-laundering risks are the foundation of all subsequent activities within the insurance company to initiate and design comprehensive research programs. Targeted organizational steps may be derived and IT prevention measures implemented. This does not only support the individual control of money-laundering risks. Focusing on essential risks may also result in savings through efficient resource allocation and more potent check procedures. Integrated workflows for cross-departmental risk assessment, audit-proof documentation, and customer assessment options complete the picture.

      Key functions:

      • System-based specification of the organizational and business structure
      • Workflow for identification, categorization and weighting of the insurance company's money-laundering risks (e.g. policy holder, contract partner, product and process risks)
      • Large database with predefined money-laundering risks
      • Measures for risk prevention and minimization, including functionality for time and task management
      • Siron®AML interface to check the efficiency of monitoring measures and for continual enrichment of the risk analysis through up-to-date key-figures
      • Optional interface to databases with known money-laundering types

      Siron®KYC Know Your Customer

      Integrated Monitoring of Customer Information (New and Existing Customers)

      Anti-Money Laundering with Siron®KYC

      To protect insurance companies from money laundering, it is useful to include policy holders in compliance programs but also all other persons linked to the contract (e.g. claimants). In combination with Siron®KYC, a workflow-based application for continuous monitoring of customer information, compliance with statutory regulations is secured and money-laundering risks are minimized upon conclusion of the contract. Integrated solutions for customer due diligence allow seamless integration with existing processes or systems. Standardized interfaces to third-party databases, sanction and other public lists allow fast implementation of the solution.

      Key functions:

      • Continual matching of customer information with sanction lists and PEP databases
      • Automatic retrieval of the beneficial owner for legal entities
      • Real-time risk classification for customers
      • Custom risk features through business rules
      • Simple integration in contract conclusion process
      • Designer to create dynamic questionnaires for policy holders
      • Standardized interface to the core banking system to check existing customers

      Siron®AML Anti-Money Laundering

      Risk Profiling and Money-Laundering Alerts Through Customizable Scenarios

      Anti-Money Laundering (AML)

      The initial risk classification during contract conclusion is to be complemented through risk profiles based on the long-term customer behavior. Due diligence applies to each classified customer (e.g. high-risk private customer). The corresponding functionality is part of the Siron®AML standard solution. The system is shipped with a set of predefined anti-money laundering rules (e.g. premature policy cancelation, frequent change of beneficiary, reclaim of excess amounts). Furthermore, compliance officers can employ the easy-to-use program interface to specify additional money-laundering scenarios.

      These alerts can be fully analyzed in the Analysis user interface. Case management functionality supports the decision process from invalidating a suspicion to filing a suspicion activities report (SAR).

      Siron®AML has proven its worth more than a 1000 times. It is tailored to the requirements of insurance companies.

      Key functions:

      • Predefined check rules to comply with the minimal statutory anti-money laundering requirements
      • Check rules derived from the risk analysis
      • Graphical rule editor to adjust the risk-based anti-money laundering check strategy
      • Due diligence functionality through custom thresholds for risk categories
      • Intuitive alert processing and case management
      • Workflow for suspicious activities reports (SARs) in a country-specific format
      • Link analysis to visualize payment flows and money-laundering networks

      Siron®RCC Risk & Compliance Cockpit

      Visualization, Management, and Control of Anti-Money Laundering Measures

      The growing complexity of basic statutory conditions is a continual challenge for insurance companies in their effort to combating money laundering efficiently. The active management of risks for all connected national and international departments and subsidiaries requires an up-to-date central overview of the most important variables. Through cockpits designed according to the latest findings of perception psychology, Siron®RCC grants insurance companies a holistic view on their risk analyses including preventive measures and their status. Based on consolidated data from integrated risk-assessment and research systems (e.g. Siron®RAS, Siron®KYC, Siron®AML), measures are calculated and presented using sophisticated visualization techniques.

      Key functions:

      • Fast, daily management overview in accordance with the GRC approach
      • Early detection of shortcomings of and risks in the internal control system
      • Analyses and comparison of trends and fraud-risk development
      • Drill-down (e.g. per country, subsidiary, customer category, risk factor)
      • Configurable charts
      • Key performance indicators (KPI) that can be adjusted to the insurance company's risk situation