Lombard International Assurance, a Luxembourg-based cross-border life assurance company, has selected Norkom Technologies’ financial crime and compliance software solutions to strengthen risk and compliance framework.
The adoption of the Norkom’s solutions is to strengthen the Lombard’s existing compliance risk framework and support ongoing compliance with national and international regulations, including the 3rd EU Money Laundering Directive, as applied to the insurance sector.
With Norkom’s Anti-Money Laundering and Customer Due Diligence solutions, Lombard expects that it can further enhance the ability to conduct monitoring and analysis of its policy transactions and carry out customer risk profiling throughout the lifetime of the policy, updating risk ratings based on customer activity.
Moreover, Norkom’s advanced case management solution will route this risk-based activity to the appropriate teams for review.
With Norkom’s Sanctions & PEP (Politically Exposed Persons) Screening, Lombard can screen all existing and prospective third parties against the various internal, sanctions, PEP and criminal lists, ensuring that the assurer does not inadvertently conduct business with known or suspected criminals or terrorists.