Norkom has been chosen by CNP Assurances, the leading provider of personal insurance in France which is listed on the SBF (Société des Bourses Françaises) 120 Index, for its financial crime and compliance software suite in the fight against money laundering and the financing of terrorism and to comply with the 3rd EU Money Laundering Directive as applied to the insurance sector.
This deal positions Norkom as the leading provider for Anti-Money Laundering (AML) solutions to the European insurance sector.
Norkom's integrated Anti-Money Laundering (AML), Sanctions and PEP Screening and Customer Due Diligence / Know Your Customer (CDD / KYC) solutions will be implemented across all insurance companies in the CNP Assurances group.
The transposition of the 3rd EU Money Laundering Directive into French law has been a contentious issue, as a result of several challenges against the implementation. The directive, which was transposed into French law as recently as January 2009, intensifies the regulatory landscape for financial institutions providing IARD insurance products, and life and annuity insurance products. This requires institutions like CNP Assurance to reinforce controls and introduce a risk-based approach to dealing with financial crimes.
CNP Assurances, which has been at the forefront in the fight against money laundering and the financing of terrorism for many years, will supplement its resources by implementing Norkom's financial crime and compliance solutions.
With best-in-class analytics, Norkom's solutions will enable CNP Assurance to detect and manage suspicious activities by monitoring and analyzing every customer interaction across its global operations. In addition, the fight against the financing of terrorism and monitoring of Politically Exposed Persons (PEPs) will be managed within this framework, while Norkom solutions will also help CNP Assurances to reinforce its fight against fraud.
"We welcome CNP Assurance to our growing list of insurance clients and are looking forward to helping them enhance the efficacy of their money laundering investigation units," says Alain Tayenne, General Manager of Norkom Europe. "We're in the business of building long-term relationships with clients by providing them with award-winning technologies that will protect them from the financial and reputational risks associated with financial crimes and sanctions-induced penalties in a way that fits their timeframes, resources and capabilities. Then when they're ready to enhance their defenses further, we simply add it on to our initial platform with minimal effort."