In the insurance sector, money laundering and fraud are often closely linked. Money laundering operations frequently involve the intentional realisation of the insured risk.
Fighting fraud, therefore, has two aspects:
- Financial threat to reimbursements.
- Risk of non-compliance with anti-money laundering obligations.
ACPR Conference, December 2022: Analyses on the latest sanctions… Stay up to date with all the AML-CFT news.
Fraud Scenarios AML-CFT
The AfterData AML-CFT solution integrates a library of fraud scenarios to reduce the risk of fraudulent reimbursements as well as the risk of non-compliance.
Compliance & Artificial Intelligence
Our solution is based on artificial intelligence, which provides better analysis and significantly reduces false positives. This frees up time for analysts to focus on real warning signs. Our tool conducts a “careful review” of all operations to ensure transaction flow consistency. What do our clients think of our tool? Discover their testimonials in the video here.
Some clients, members, or policyholders may initiate fraud. Our big data approach helps identify relevant patterns to track all types of fraudulent attempts.
AML-CFT Fraud Solution
The effectiveness of our solution is based on data collection, allowing the identification of weak signals such as:
- The subscription channel.
- Documents detecting weak fraud signals (slightly expired validity, unclear copies, etc.).
- The unusual origin or beneficiary of a transaction.
- Atypical events (for example high or inconsistent healthcare expenses, recent insurance contract linked to a claim, inconsistent income…) concerning the source event (health reimbursement, claim…).
- Unusual contextual situations.
All data is made available to the control personnel for a complete analysis of the alerts raised by AfterData Compliance.