Actimize Joins Forces with IBM to Deliver Anti-Money Laundering Solution to Insurance Industry; Industry Leaders Combine to Create a Superior Solution to Help Insurers Manage Requirements Outlined by the New AML Regulations.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Actimize Inc., a leading provider of risk and compliance solutions, announced today that it has partnered with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) to deliver an anti-money laundering Anti-money laundering ("AML") is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. (AML AML - A Manufacturing Language ) solution to the insurance industry. The solution combines Actimize operational risk experience with the IBM Business Consulting Group's insurance industry expertise to help insurance companies tackle the new Treasury Department AML regulations. The new rules, handed down by the Treasury Department's Financial Crimes Enforcement Network Noun 1. Financial Crimes Enforcement Network - a law enforcement agency of the Treasury Department responsible for establishing and implementing policies to detect money laundering FinCEN (FinCEN) at the end of October, require life insurance companies to establish formal anti-money laundering programs and file suspicious activity reports. The final rules became effective December 5, 2005, and insurance companies subject to them must establish an AML program by May 2, 2006. "Money laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. is an issue of growing concern for all financial institutions today - including insurance companies," said David Sosna, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. at Actimize. "Thankfully, the Actimize Anti-Money Laundering Solution responds to the new reporting rules related to the USA PATRIOT ACT USA PATRIOT Act [Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorists], 2001, U.S. , and provides the right information, strategies and tactics to ensure that insurers are prepared to meet anti-money laundering obligations in time." The Actimize AML solution provides true end-to-end capabilities with transaction monitoring, government watch list screening, CIP (1) (Common Isochronous Packet) The packet format used in time-based (real time) FireWire transmission. See FireWire, IEC 61883 and mLAN. (2) (Common Industrial P account opening procedures, case management and reporting. The solution incorporates proven methodologies and models tailored to insurance industry activities such as policy termination, policy surrender, and beneficiary assignments. Built on the Actimize analytics platform, the solution can be implemented quickly by insurance companies with a low total cost of ownership. "Actimize and IBM anticipated the need for a technology solution tailored to the requirements of the insurance industry," said Michael McCabe, Partner in IBM's Risk and Compliance practice. "We developed new models based on IBM's broad experience with AML solutions and our in-depth expertise with the insurance industry to meet a developing need of our insurance clients." The new AML regulations represent the first time FinCEN has defined insurance companies as financial services providers or issued regulations regarding insurance companies. Permanent life insurance, annuity contracts and any other product with a cash value or investment feature are required to be under surveillance, while term life, group life and annuities, property and casualty, reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. and health insurance are excluded. About Actimize Actimize is a leading provider of enterprise software solutions for Operational Risk Management including Anti-Money Laundering, Fraud Prevention, and Regulatory Compliance solutions. The Actimize platform is used by eight of the top ten financial services organizations and in total provides surveillance and compliance monitoring for over US$4 trillion in assets. Actimize solutions are currently implemented at leading financial services institutions including banks, brokerages, and insurance firms as well as regulatory bodies and government agencies. For more information about Actimize, visit our web site at www.Actimize.com. About IBM IBM is the world's largest information technology services and consulting provider. Some 190,000 professionals in more than 160 countries help clients integrate information technology with business value -- from the business transformation and industry expertise of IBM Business Consulting Services to hosting, infrastructure, technology design and training services. IBM services business delivers integrated, flexible and resilient processes across companies and through business partners, enabling clients to save money and transform their businesses to be more competitive. For more information, visit www.ibm.com/services. |
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