Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that Pan-American Life Insurance Group (PALIG), a leading provider of insurance and financial services throughout the Americas, is strengthening the efficiency and effectiveness of its anti-money laundering (AML) compliance and risk management program in multiple countries with Fiserv technology.
These capabilities are essential for PALIG, as they take pride in earning the trust of their customers through the delivery of financial security and peace of mind.
Life insurers must be diligent with an effective AML program as they, like other financial service providers, are susceptible to activities used to disguise illegal funds. PALIG sought a provider with insurance industry expertise, a global footprint, and flexibility to help streamline AML compliance and fraud and risk management processes. The company selected Fiserv to provide a comprehensive AML solution that accommodates country-specific regulations and reporting requirements. This will improve efficiency for PALIG by enabling it to execute and monitor risk management processes in multiple countries through a single platform.
PALIG is initially deploying the Fiserv solution for use in Panama, the Cayman Islands, Colombia and Costa Rica, with plans to expand to more of the 22 countries where it has operations.
“Effective risk management is an important part of how we do business,” said Steven A. Friedman, Executive Vice President, Chief Investment Officer, Corporate Development and Strategy, Pan-American Life Insurance Group. “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.”
AML Risk Manager from Fiserv incorporates advanced capabilities that address four essential areas of an AML risk management program - Know Your Customer (KYC) monitoring, detection and alerts, case management, and reporting. The solution is used by more than 1,200 organizations worldwide and employs a highly adaptive approach to detect money laundering and fraudulent activity using analytics, rules, advance inference, behavioral profiling, peer group analysis and list matching. This also includes scanning transactions based on known insurance money laundering scenarios to help mitigate money laundering risks.
“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,” said Shawn Holtzclaw, general manager and senior vice president, Fraud, Risk, ECM and Financial Solutions, Fiserv. “As PALIG grows and threats evolve, AML Risk Manager will be able to scale and adapt to help them manage risk efficiently and effectively.”
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