Case study from October 2022
With around 4 million members and premium income of 4.6 billion euros, the Gothaer Group is one of the largest German insurance groups and one of the largest mutual insurance companies in Germany.
Around 5,000 employees develop comprehensive solutions, risk and financial concepts. The product range covers all insurance segments in the private and corporate customer business.
The regulatory requirements and due diligence obligations to combat money laundering and terrorist financing are becoming increasingly complex. Companies that do not adhere to compliance rules face the threat of financial and reputational damage, high fines and a loss of public confidence.
As an insurance company, Gothaer is also obliged to account for its customers in accordance with AMLA requirements. "Know Your Customer"(KYC) describes all the necessary steps to identify and check customers and thus prevent money laundering.
Until now, the insurance company has relied on time-consuming online research with the help of an external service provider.
In order to simplify the KYC processes and make them future-proof, Gothaer was looking for an automated, digital solution for compliance with the AMLA requirements.
The decision regarding a compliance and PEP tool provider was made in favor of SCHUFA. The insurance company already had a close business relationship and intensive contact with SCHUFA. SCHUFA developed a customized Group solution for Gothaer in accordance with the requirements.
During the discussions, the insurance company also opted for the automated and fully digital creation of KYC files. The chosen solution is based on the KYCnow platform. It supports companies both in the complex and time-consuming KYC process and in complying with AMLA requirements. With this digital all-in-one solution, companies can check their customers and business partners as part of the onboarding process and during the course of the business relationship in compliance with the AMLA, so that money laundering and terrorist financing risks are detected in good time. Among other things, the process combines the identification of beneficial owners, information on interconnectedness and compliance status checks by comparing against PEP and sanctions lists, blacklists and watchlists.
Only a few months passed from the initial contact to the conclusion of the contract to the implementation of the solution at Gothaer, so that the employees were able to use the new tool quickly.
As a result of the compliance checks, Gothaer now has a complete KYC file on its customers and business partners for storage and legally compliant documentation.
Thanks to the time stamp, the work steps and inspections are perfectly documented even years later.
For Gothaer, KYCnow is an important building block in the fight against money laundering and terrorist financing. Fully digital KYC files on customers and business partners provide the insurance company with optimum support in complying with AMLA requirements.
Automated checking and querying of public sources significantly reduces the workload for employees and increases their efficiency. With PEP and sanctions lists, watch and blacklists, all relevant and public national and international lists are also included in the check. Important: the information is always up to date - because old data is false data.
Digital all-in-one solution
Automated, efficient testing processes
Compliance with MLA requirements
Find out more about Know Your Customer and how we can support you with the AMLA requirements.