Pan-American Life Insurance selects Fiserv tech for AML

Tuesday 16 July 2019 00:00 CET | News

Pan-American Life Insurance Group has selected Fiserv technology to strengthen the efficiency of its AML compliance and risk management program in multiple countries.

PALIG is a provider of insurance and financial services throughout the Americas, and the collaboration decision came as it sought a provider with insurance industry expertise, a global footprint, and flexibility to help facilitate AML compliance and fraud and risk management processes. As such, Fiserv was chosen in order to provide a solution that accommodates country-specific regulations and reporting requirements. AML Risk Manager from Fiserv incorporates capabilities that address four areas of an AML risk management program: KYC monitoring, detection and alerts, case management, and reporting.

Through their agreement, it is hoped that PALIG’s efficiency will be improved by enabling the execution and monitoring of risk management processes in multiple countries through a single platform. The company is initially deploying the solution in Panama, the Cayman Islands, Colombia, and Costa Rica. However, it is planning to expand to more than the 22 countries where it has operations.

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Keywords: Pan-American Life Insurance, PALIG, AML, Fiserv, risk management, compliance, financial services, AML, KYC, case management, regulations
Countries: World