A Comprehensive Approach to Streamline Compliance for Insurance Firms

In providing guidance to life insurance businesses, the Financial Action Task Force (FATF) noted, “as with other financial services products, there is a risk that the funds used to purchase life insurance may be the proceeds of crime. There is also a risk, even limited, that funds withdrawn from life insurance contracts could be used to fund terrorism.” Additionally, other types of insurance firms must remain vigilant to changing requirements, based on the regions where they do business. For example, OFAC has also recently issued a new framework for companies that do business in the U.S. to improve their approach to sanctions compliance.

In today’s rapidly changing regulatory landscape, it is growing more challenging for insurance companies to manage financial crime risk. Global anti-money laundering (AML) and counter-terrorism financing (CTF) regulations have grown more complex and severe, making insurance firms revisit their compliance approach to ensure processes are regulator-ready. Global and domestic insurance firms of every type must constantly screen policy-holders, network partners and the beneficiaries of claims or risk fines and reputational damage.

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Protect your firm from regulatory risk at every critical policy checkpoint

In the face of regulatory complexity, Accuity helps clients to create a comprehensive approach to screening policy-holders, network partners and beneficiaries. We provide a consolidated view of activity across the policy lifecycle and across business lines. We also help automate compliance screening to ensure that claims payments are paid quickly, thereby improving customer satisfaction.

When insurance firms need to comply with regulations, manage risk, and protect their reputation, we offer them a centralized solution that provides a complete audit trail of all screening operations.

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Comprehensive data and screening solutions for centralized regulatory compliance

Fircosoft solutions are powered by the industry’s largest database of high-risk entities, including sanctions, Politically Exposed Persons (PEPs), adverse media, and enforcement data. We help your firm to implement best practices in AML/CTF compliance, while also reducing manual efforts.

Keep up with changing sanctions and regulations: Regulations, sanctioned entities and politically exposed persons are constantly changing. You need to stay up to date for all the in different territories where you do business. We enable you to use a single solution to screen for sanctions, people or organizations.

Cope with screening complexity: From day to day, you want to screen at multiple stages of a policy’s lifecycle and throughout different business lines. Even if you require differing levels of complexity, we help you to adapt screening to your needs and risk profile; screen across multiple watch lists; and add your own lists if needed.

Confidently know your customer and their financial crime risk profile: We have data on 3 million entities in 250 countries and territories from 1,300 enforcement agencies and 30,000 Publications, court filings, company records and all global sanctions lists.

Monitor your clients at every stage of engagement: Regularly screen your clients and get alerts if there is a change in their risk level. Perform multiple checks at each stage of the policy lifecycle, based on the latest data, whilst creating a clear audit trail.