CNP Assurances, a provider of personal insurance in France, has selected Norkom for its software suite relating to the fight against money laundering and the financing of terrorism.
The implementation of the software suite allows integration of developments linked to the transposition into French law of the 3rd European anti-money laundering directive, as applicable to the 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 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.
Norkom solutions will allow CNP Assurances to detect and manage any suspect activity 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.