Norkom signs deal with Lombard International Assurance S.A.

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Norkom signs deal with Lombard International Assurance S.A., Luxembourg’s leading cross-border Life Assurance Company.

Lombard selects Norkom for end-to-end compliance with increasingly stringent Anti-Money Laundering and Counter Terrorist Financing (AML / CTF) regulations.

16 November 2010 – Leuven, Belgium – Lombard International Assurance S.A., Luxembourg’s leading cross-border life assurance company, has selected Norkom Technologies’ financial crime and compliance software solutions to strengthen its existing compliance risk framework and support its ongoing compliance with national and international regulations, including the 3rd EU Money Laundering Directive, as applied to the insurance sector.

According to Robert Deed, Lombard’s Executive Director for Risk and Compliance, “Lombard has the objective to meet the changing and ever more challenging regulatory and business environment through the adoption of an integrated and efficient system to support our risk and compliance framework. After a rigorous selection process, Norkom emerged as the partner of choice to help us achieve this goal. The completeness and flexibility of its compliance solutions, as well as its ability to integrate into Lombard’s existing IT environment, were crucial factors in the overall decision. Norkom’s strong reputation in the international marketplace was also a key factor influencing our choice”.

The fight against financial crime is intensifying worldwide and, in common with many countries,  Luxembourg has taken active steps towards strengthening its AML/CTF requirements and is demanding continuous risk-based due diligence and transaction monitoring from the insurance industry.

With Norkom’s Anti-Money Laundering and Customer Due Diligence solutions, Lombard can further enhance its ability to conduct monitoring and analysis of its policy transactions and carry out customer risk profiling throughout the lifetime of the policy, updating risk ratings based on customer activity. Norkom’s advanced case management solution will route this risk-based activity to the appropriate teams for review. With Norkom’s Sanctions & PEP (Politically Exposed Persons) Screening, Lombard can screen all existing and prospective third parties (e.g. policy holders, lives assured, partners, brokers, etc.) against the various internal, sanctions, PEP and criminal lists, ensuring that the assurer does not inadvertently conduct business with known or suspected criminals or terrorists.

The deal with Lombard positions Norkom as the market leading provider for financial compliance solutions to the European insurance sector. Norkom also provides such solutions to other marquee brands such as AXA, Baloise Group, CNP Assurance, Generali, Co-operative Insurance and Delta Llloyd among others.

Commenting on the deal, Alain Tayenne, General Manager of Norkom Europe, said, “We’re pleased to welcome Lombard International Assurance S.A. to our growing list of insurance customers. We’re seeing a lot of activity at the moment in the European insurance sector as the industry comes to terms with escalating regulatory requirements and aims to ensure sufficient regulatory compliance from all members. With a strong footprint in insurance compliance, Norkom is available to help other insurance companies comply with the most stringent international and domestic regulations”.

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