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News

French insurance company takes anti-money laundering system from Norkom

Norkom Technologies : 04 December, 2009  (Application Story)
Norkom Technologies is supplying CNP Assurances of France with a software suite designed to combat money laundering and the financing of terrorism
Norkom has been chosen by CNP Assurances, a provider of personal insurance in France and listed on the SBF 120 index, for its software suite relating to the fight against money laundering and the financing of terrorism. Implementation of this software suite allows integration of developments linked to the recent transposition into French law of the 3rd European anti-money laundering directive, as applicable to the insurance sector.

Norkom has therefore become the leading supplier of anti-money laundering solutions in the European insurance sector.

Norkom's integrated solutions, "Anti-Money Laundering' (AML), 'Sanctions and PEP Screening' and 'Customer Due Diligence/Know Your Customer' (CDD/KYC) will be implemented progressively at all the insurance companies in the CNP Assurances group.

The transposition of the 3rd European anti-money laundering directive into French law has been controversial and its implementation has been called into question several times. The directive, which was transposed into French law in January 2009, tightens the regulations applicable to financial institutions offering IARD insurance products, life insurance and annuities. This means in particular that these institutions will have to reinforce controls and have a risk-based approach.

CNP Assurances, which has been extensively involved in the fight against money laundering and the financing of terrorism for many years, has decided to supplement the resources it is using in this regard by implementing the solutions proposed by Norkom.

Thanks to first-rate analysis, the Norkom solutions will allow CNP Assurances to detect and manage any suspect activity much more easily, by monitoring all operations simultaneously and facilitating cross-analysis. The fight against financing of terrorism and monitoring of PEPs will also be managed within this framework.

Furthermore, the Norkom solutions will help CNP Assurances to reinforce its fight against fraud.

"We are happy to count CNP Assurances amongst our ever-increasing number of customers in the insurance sector and we are delighted that we will soon be contributing to the effectiveness of its anti-money laundering teams," explains Alain Tayenne, General Manager of Norkom Europe. "We are looking to establish long-term relationships with our customers by offering them award-winning technologies which will protect them from financial risks and reputations associated with financial crime and fines, whilst respecting their schedules, resources and capacities. Subsequently, when they are ready to build up their defences further, we simply supplement our initial platform with a minimum of effort.'
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