| Norkom Technologies Assists CNP Assurances in Integrating the 3rd European Anti-Money Laundering Directive | | Print | |
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01 December 2009 – Leuven, Belgium
Norkom’s integrated Anti-Money Laundering (AML), Sanctions and PEP Screening and Customer Due Diligence / Know Your Customer (CDD / KYC) solutions will be implemented across all insurance companies in the CNP Assurances group.
The transposition of the 3rd EU Money Laundering Directive into French law has been a contentious issue, as a result of several challenges against the implementation. The directive, which was transposed into French law as recently as January 2009, intensifies the regulatory landscape for financial institutions providing IARD insurance products, life and annuity insurance products. This requires institutions like CNP Assurance to reinforce controls and introduce a risk-based approach to dealing with financial crimes.
CNP Assurances, which has been at the forefront in the fight against money laundering and the financing of terrorism for many years, will supplement its resources by implementing Norkom’s financial crime and compliance solutions.
With best-in-class analytics, Norkom’s solutions will enable CNP Assurance to detect and manage suspicious activities by monitoring and analyzing every customer interaction across its global operations. In addition, the fight against the financing of terrorism and monitoring of Politically Exposed Persons (PEPs) will be managed within this framework, while Norkom solutions will also help CNP Assurances to reinforce its fight against fraud.
“We welcome CNP Assurance to our growing list of insurance clients and are looking forward to helping them enhance the efficacy of their money laundering investigation units,” says Alain Tayenne, General Manager of Norkom Europe. “We’re in the business of building long-term relationships with clients by providing them with award-winning technologies that will protect them from the financial and reputational risks associated with financial crimes and sanctions-induced penalties in a way that fits their timeframes, resources and capabilities. Then when they’re ready to enhance their defenses further, we simply add it on to our initial platform with minimal effort.”
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More information: Fiona McLoughlin, Marketing Manager, Norkom Technologies T: +35318739600 E: fiona.mcloughlin@norkom.com
About CNP Assurance (www.cnp.fr)
CNP Assurances has been the leading provider of personal insurance in France since 1991, with a turnover of 29.2 billion euro in 2008. With 150 years’ specialist experience in this sector, its aim is to provide each person with the means to protect themselves against the hazards of life, and to assist throughout their lives the 24 million people (14 million of whom are located in France) placing their trust in it. CNP Assurances has been listed on the Paris stock exchange since October 1998 (primary market) and is founded on a stable share ownership which has been reinforced by the signature of a pact between its four major shareholders (the State, the ‘Caisse des dépôts’, ‘la Poste’ and BPCE). CNP Assurances seeks to meet the requirements of its customers in a constantly evolving context; it anticipates social developments and intervenes in the three main sectors of the personal insurance market: savings, pensions and personal risk. It also offers a complete range of personal services.
About Norkom Technologies (www.norkom.com)
Norkom Technologies (AIM: NORK.L, IEX: NORK.IE) enables financial organizations to take intelligent action, control defences, and evolve strategies against fraud, money laundering, and other types of financial crime. By combining a unique investigative technology platform with deep domain expertise, Norkom has established a solid track record of reducing financial losses, protecting users’ reputations, improving operational efficiencies and lowering the cost of information technology.
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