Norkom assists CNP Assurances in Integrating 3rd European AML Directive
CNP Assurances, the leading provider of personal insurance in France and listed on the SBF 120 index, has chosen Norkom for its software suite that is aimed to fight against money laundering and terrorist financing.
Implementing this software suite provides integration of developments related to the recent transposition into French law of the 3rd European anti-money laundering directive, as applicable to the insurance industry in Europe. As a result, Norkom has become the leading supplier of anti-money laundering solutions in the European insurance sector. Its integrated solutions – “Anti-Money Laundering” (AML), “Sanctions and PEP Screening” and “Customer Due Diligence/Know Your Customer” (CDD/KYC) – are to be implemented at all the insurance companies in the CNP Assurances group.
It should be noted that the transposition of the 3rd European anti-money laundering directive into French law in January 2009 has been controversial. It tightens the regulations that is applicable to financial institutions offering IARD insurance products, life insurance and annuities, which means that these will have to reinforce controls.