Case Study: DEVK Versicherungen beats AML compliance deadline and reduces costs with FICO (TONBELLER Siron AML)

Insurance company DEVK beats the AML compliance deadline

DEVK, a decentralized German insurer with 19 regional offices and about 1.5 million life policies, faced a major compliance challenge when the 21 August 2008 anti‑money‑laundering law (§80d) required insurers to adopt a risk‑based approach and identify potential money‑laundering activity. DEVK’s heterogeneous, legacy IT landscape and dispersed organization made producing the necessary risk information costly and time‑consuming, and the company set itself a tight regulator‑driven deadline to be operational by 21 May 2009.

DEVK selected TONBELLER’s Siron®AML solution for its insurance expertise and ability to integrate incompatible data sources. TONBELLER adapted the system to DEVK’s processes and delivered a working solution in six months, eliminating many manual processes, cutting personnel costs, meeting the compliance deadline, strengthening reputation protection, and positioning DEVK to leverage the platform for future fraud detection and regulatory inspections.

DEVK

Jürgen Klein

Anti-Money Laundering Officer