Louisiana-based Pan-American Life Insurance Group (PALIG) has selected Fiserv, a provider of technology solutions to financial industry, to enhance its anti-money laundering (AML) compliance and risk management programme.
According to Fiserv, its AML solution can accommodate country-specific regulations and reporting requirements, allowing PALIG to improve its efficiency by executing and monitoring risk management processes in multiple countries through a single platform.
The fintech firm claims that its AML Risk Manager features advanced capabilities to address four essential areas of AML risk management programme which include Know Your Customer (KYC) monitoring, detection and alerts, case management and reporting.
Fiserv further stated that the solution is being used by more than 1,200 organisations across the world.
The solution uses a highly adaptive approach to detect money laundering and fraudulent activity using analytics, rules, advance inference, behavioural profiling, peer group analysis and list matching.
It can also scan transactions based on known insurance money laundering scenarios to help mitigate money laundering risks.
Initially, Pan-American Life Insurance plans to deploy Fiserv’s solution in Panama, the Cayman Islands, Colombia and Costa Rica. It will later extend it to more than 22 countries where it operates.
Pan-American Life Insurance Group corporate development and strategy executive vice president, chief investment officer Steven Friedman said: “Effective risk management is an important part of how we do business.
“Working with Fiserv will optimize our ability to manage risk in an increasingly complex world so we can continue earning our customers’ trust when it comes to protecting what matters most—their families, their businesses and their futures.”
Fiserv general manager and Fraud, Risk, ECM and Financial Solutions senior vice president Shawn Holtzclaw said: “Fiserv provides solutions and expertise to help our clients protect against complex money laundering schemes as well as the financial and reputational risk of non-compliance.
“As PALIG grows and threats evolve, AML Risk Manager will be able to scale and adapt to help them manage risk efficiently and effectively.”
In October 2018, Fiserv supported insurtech startup Benekiva, which adopted Fiserv’s digital payment capabilities to its software as a service (SaaS) platform for life insurance companies.