Innovations Softwaretechnologie GmbH, which is headquartered in Immenstaad on Lake Constance (Germany), provides financial institutions with tools for the prevention of money laundering and the financing of terrorism. A large number of banks and insurance companies are currently using software in combination with a worldwide sanction list to identify high-risk persons and politically exposed persons among their customers. Now, the subsidiaries of Swiss Life in Brussels and Luxembourg have announced their decision to implement .
Starting in 2007, financial services providers in the EU will be subject to stricter obligations to combat money laundering, corruption and terrorist financing. Business relationships with persons suspected of involvement in terrorism are prohibited. Additional due diligence measures are required for politically exposed persons (PEPs).
The software solution assists in meeting these requirements by checking customer data against entries in international blacklists at regular intervals.
As many as 500,000 politically exposed persons and high-risk persons with a criminal or terrorist background are included in worldwide sanction lists. The system completes a detailed search (1:1 matching) and a fuzzy analysis when checking all customers and when a business relationship is being established with a customer for the first time. The fuzzy analysis is based on an algorithm that compares parts of names, aliases and additional information such as date of birth, nationality and place of residence. This is a quality aspect that supplements the 1:1 name comparison. The compliance officer initiates clarification when matches are found.
has been in use at the headquarters of Swiss Life for over a year. The company branches in Belgium and Luxembourg are now also using this software system to check their customers electronically. National regulations such as those passed by Commission banquaire, financière et d’ assurances in Belgium can be integrated into .
is available in three languages and is tailored to the needs of internationally active companies. Interested persons can test the functions of the system in a web conference.
Starting in 2007, financial services providers in the EU will be subject to stricter obligations to combat money laundering, corruption and terrorist financing. Business relationships with persons suspected of involvement in terrorism are prohibited. Additional due diligence measures are required for politically exposed persons (PEPs).
The software solution assists in meeting these requirements by checking customer data against entries in international blacklists at regular intervals.
As many as 500,000 politically exposed persons and high-risk persons with a criminal or terrorist background are included in worldwide sanction lists. The system completes a detailed search (1:1 matching) and a fuzzy analysis when checking all customers and when a business relationship is being established with a customer for the first time. The fuzzy analysis is based on an algorithm that compares parts of names, aliases and additional information such as date of birth, nationality and place of residence. This is a quality aspect that supplements the 1:1 name comparison. The compliance officer initiates clarification when matches are found.
has been in use at the headquarters of Swiss Life for over a year. The company branches in Belgium and Luxembourg are now also using this software system to check their customers electronically. National regulations such as those passed by Commission banquaire, financière et d’ assurances in Belgium can be integrated into .
is available in three languages and is tailored to the needs of internationally active companies. Interested persons can test the functions of the system in a web conference.
