ACTIMIZE JOINS FORCES WITH IBM TO DELIVER ANTI-MONEY LAUNDERING SOLUTION TO INSURANCE INDUSTRY
Industry Leaders Combine to Create a Superior Solution to Help Insurers Manage Requirements Outlined by the New AML Regulations NEW YORK – MARCH, 2006 – Actimize Inc., a leading provider of risk and compliance solutions, announced today that it has partnered with IBM to deliver an anti-money laundering (AML) solution to the insurance industry. The
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Editorial Team
- March 23, 2006
- 2 minutes
Industry Leaders Combine to Create a Superior Solution to Help Insurers Manage Requirements Outlined by the New AML Regulations
NEW YORK – MARCH, 2006 – Actimize Inc., a leading provider of risk and compliance solutions, announced today that it has partnered with IBM to deliver an anti-money laundering (AML) solution to the insurance industry. The solution combines Actimize operational risk experience with the IBM Business Consulting Group’s insurance industry expertise to help insurance companies tackle the new Treasury Department AML regulations.
The new rules, handed down by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) at the end of October, require life insurance companies to establish formal anti-money laundering programs and file suspicious activity reports. The final rules became effective December 5, 2005, and insurance companies subject to them must establish an AML program by May 2, 2006.
“Money laundering is an issue of growing concern for all financial institutions today – including insurance companies,” said David Sosna, CEO at Actimize. “Thankfully, the Actimize Anti-Money Laundering Solution responds to the new reporting rules related to the USA PATRIOT ACT, and provides the right information, strategies and tactics to ensure that insurers are prepared to meet anti-money laundering obligations in time.”
The Actimize AML solution provides true end-to-end capabilities with transaction monitoring, government watch list screening, CIP account opening procedures, case management and reporting. The solution incorporates proven methodologies and models tailored to insurance industry activities such as policy termination, policy surrender, and beneficiary assignments. Built on the Actimize analytics platform, the solution can be implemented quickly by insurance companies with a low total cost of ownership.
“Actimize and IBM anticipated the need for a technology solution tailored to the requirements of the insurance industry,” said Michael McCabe, Partner in IBM’s Risk and Compliance practice. “We developed new models based on IBM’s broad experience with AML solutions and our in-depth expertise with the insurance industry to meet a developing need of our insurance clients.”
The new AML regulations represent the first time FinCEN has defined insurance companies as financial services providers or issued regulations regarding insurance companies. Permanent life insurance, annuity contracts and any other product with a cash value or investment feature are required to be under surveillance, while term life, group life and annuities, property and casualty, reinsurance and health insurance are excluded.
