Banking & Insurance Finance & Accounting
A large insurance group is obliged to perform customer due diligence before a new business relationship is established. Our solution automated this due diligence process for 100%, nearly increasing the service level to 100%, reducing the workload, errors and thereby increasing the satisfaction of the administrative staff.
Since 2008, Dutch financial institutions must obey to the Money Laundering and Terrorist Financing (Prevention) Act (Wwft). The purpose of this legislation is to prevent or combat money laundering and terrorist financing.
Financial institutions have to carry out customer due diligence before a business relationship is started or a transaction is carried out. At this stage, Justice Political Exposed Person (PEP) checks are carried out. PEP checks are carried out daily by the administration department of a Dutch insurance group. All new policies that require a Justice PEP check are collected in an Excel file. For each of these policies, a Justice PEP check is carried out in the FRISS risk assessment application. If the check is positive, the transaction can continue. If the check is negative, the policy is forwarded to the appropriate people which will handle the high-risk policy. This process is highly repetitive, time-consuming and time-sensitive. The department is not always able to finish all PEP checks on time, which makes this an ideal case for Robotic Process Automation (RPA).
Of effort automated
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