Responding to The Treasury Department's Financial Crimes Enforcement Network mandate that life insurance companies establish an anti-money laundering (AML) program by May 2, 2006, Actimize (New York) and IBM (Armonk, N.Y.) will jointly deliver an AML solution to the industry. Built on Actimize's real-time analytics platform, the Actimize Anti-Money Laundering Solution uses algorithms to monitor transactions and flag suspicious activity.
"We scan for transaction and pattern behavior to monitor efficiently for scenarios," says Eugene Yoo, product manager for anti-money laundering solutions at Actimize. The end-to-end solution also provides government watch list screening, Customer Identification Program (CIP) account opening procedures, and case management and reporting capabilities.
IBM's Business Consulting Group partnered with Actimize to offer carriers its expertise during integration. "We are able to map and to build the proper interfaces, access alerts through the Web-case manager and manage the business application process," says Osnat Segev-Harel, IBM partner manager.