Effective money laundering prevention: Tailor-made for insurance companies
Efficient money laundering prevention: Tailor-made for insurance companies
Automate your KYC processes, save valuable time, and comply with all regulatory requirements – including the stricter requirements of the EU AML Regulation (AMLR). Digital, efficient & secure.
Your perfect KYC solution in 30 minutes
Regulatory requirements in focus: Why you need to act now
Insurance companies are increasingly under the scrutiny of regulatory authorities. Whether it's the Money Laundering Act (GwG), the Federal Financial Supervisory Authority (BaFin), or the upcoming Insurance Market Regulation (AMLR) – the requirements for transparency, documentation, and due diligence are constantly rising.
You are surely familiar with these challenges:
- The requirements imposed by national and international regulations are constantly increasing.
- The documentation effort is increasing, and changes to regulations must be implemented quickly.
- Internal processes are under pressure to remain efficient without jeopardizing compliance.
But how do you maintain an overview amidst this complexity? And how do you manage to fulfill your obligations efficiently and legally without overburdening your internal resources?
The answer to this is crucial – for your compliance and your business success.
€100.000
Penalty – Why compliance with BaFin regulations is not an option, but an obligation
The BaFin regulations and their interpretive guidelines are not just guidelines – they are legally binding. Violations of the Money Laundering Act can be costly for insurance companies.
The guidelines for insurance companies (as of 2020) emphasize, among other things:
- The necessity of risk analysis: Insurance companies must individually assess and document risks, even in cases of seemingly low risk (e.g., employee loans).
- Internal safeguards: Reporting obligations to supervisory bodies and the appointment of a money laundering officer are key requirements.
- Due diligence obligations: Violations, such as the failure to identify beneficial owners, can lead to particularly high penalties.
Compliance with BaFin regulations is not just a legal obligation – it is crucial for the security of your company and your customers.
KYCnow: Your solution for compliance and efficiency in the insurance industry
Imagine being able to fulfill all your compliance obligations with just one click – efficiently and in a completely audit-proof manner.
With KYCnow, we have developed a platform specifically tailored to the requirements of anti-money laundering legislation. Our digital solution automatically checks and updates your customer data, ensuring you are always up to date.
Exclusive access to SCHUFA data
Over 68 million natural persons in Germany, precise and reliable.
Global Reach
Access to 380 million international corporate and business customer records through our global partners.
AMLR in focus: What insurers can expect
With the new EU AML Regulation (AMLR) The requirements for money laundering prevention are increasing noticeably. Insurers face new obligations and should prepare for them early.
What changes?
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Shorter testing cycles: Customer data must be updated annually in cases of increased risk, otherwise at least every 5 years – significantly more frequently than before.
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More data: Additional information regarding identity and economic background must be collected and verified.
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Strict documentation: All steps must be documented in an audit-proof manner – for both internal and external audits.
We support you in implementing these new requirements efficiently and in compliance with the law – with up-to-date, verified customer data, digital processes, and audit-proof documentation. This ensures you are ideally prepared for the AMLR and keep your compliance consistently up to date.
How one of Germany's largest insurance companies revolutionized its compliance
Gothaer is one of the largest German insurance companies. For many years, it relied on the assistance of an external service provider in the area of money laundering compliance.
Due to the increasingly complex requirements, a new solution was needed that would allow compliance with AML obligations to be automated and digital.
Read our case study to find out how Gothaer solves its challenges with KYCnow.
KYCnow: Your money laundering prevention solution at a glance
Customer file in 60 seconds
Automated creation of a digital KYC file including risk assessment in just 60 seconds.
Beneficial owners
Reliable identification of the beneficial owners of a company.
Update
Regular review and updating of address data in your contract portfolio.
Name and Adverse Media Screening
Checked against over 1.200 warning lists and watchlists, as well as for negative news.
Monitoring
Ongoing monitoring of all relevant customer data, including beneficial owners.
Audit-proof
Audit-proof storage of the collected data, including tracking of adjustments.
Application examples from our customers:
Identification of beneficial owners
Do you now also need to add the beneficial owner to your customer data? Then use our service – specifically for insurance companies.
In 92% of all cases, we can provide you with complete and final feedback on the beneficial owners of your customers.
- Identifying beneficial owners at the touch of a button
- Ongoing monitoring for your existing customers
- Graphical representation of company relationships
- Complete company file in just 60 seconds
If required, you can have beneficial owners checked against over 1.200 PEP and sanctions lists, as well as warning and watchlists, as part of the name screening process. This ensures your risk management is built on a solid foundation.
Address data update
Are you looking for a way to update addresses in your database easily and quickly?
With KYCnow, you have the opportunity to create a fully digital and automated standard process tailored to your exact specifications. Possible use cases include:
- Address verification for new systems
- Checking address changes in the existing system
- Regular address updates for incorporations, street and place name changes
- Address updates based on change of address notifications
Thanks to modern interfaces, there is hardly any overhead on your part. You can thus implement the requirements of the money laundering law in a very short time.
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We can help you with your KYC process. Schedule your free appointment now and get to know KYCnow without obligation.
