Wisconsin-based RegTech firm Fiserv is going to boost the compliance of the Pan-American Life Insurance Group’s (PALIG) anti-money laundering (AML) and risk management.
The international insurance and financial services provider picked Fiserv thanks to the RegTech company’s industry expertise and global footprint. The partnership will see Fiserv leverage its technological solutions to ensure PALIG complies with the local AML laws in the 22 different American countries it operates in. Moreover, it will enable the insurer to monitor and manage risk in all these different nations through one single platform.
Fiserv’s AML Risk Manager covers four areas that will enable PALIG to do this: know your customer (KYC) monitoring, case management, reporting and detection.
“Effective risk management is an important part of how we do business,” said Steven A. Friedman, executive vice president and chief investment officer of corporate development and strategy at PALIG. “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.”
Commenting on the deal, Shawn Holtzclaw, general manager and senior vice president of fraud, risk, ECM and financial solutions at Fiserv, said: “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. As PALIG grows and threats evolve, AML Risk Manager will be able to scale and adapt to help them manage risk efficiently and effectively.”
Fiserv has been providing financial services technology solutions for over three decades and has been named among FORTUNE Magazine World’s Most Admired Companies for six consecutive years.