Norkom has been chosen by CNP Assurances, a provider of personal insurance in France listed on the Société des Bourses Françaises 120 Index, for its financial crime and compliance software designed to fight money laundering and the financing of terrorism.
According to a news release from Norkom, the software will help CNP comply with the third EU Money Laundering Directive, as applied to the insurance sector. The deal positions Norkom as a leading provider for anti-money laundering solutions to the European insurance sector.
Norkom's integrated solutions will be implemented across all insurance companies in the CNP Assurances group. The EU directive intensifies the regulatory landscape for financial institutions that provide IARD insurance products, and 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.
"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," said 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."
