Case Study European Reliance: automating its KYC procedures through Infocredit Group/LexisNexis Risk Solutions
European Reliance, one of the largest Insurance Companies in Greece has selected Infocredit Group, the strategic partner of LexisNexis Risk Solutions, to achieve their ultimate goal: automating and enhancing its customer screening process. The company, always striving to be in full compliance with AML regulations and directives, integrated the Politically Exposed Persons (PEP) lists of WorldCompliance to its in-house screening solutions.
With the help of LexisNexis Risk Solutions and Infocredit Group, European Reliance leveraged a powerful state-of-the-art tool that integrates more comprehensive risk data covering Politically Exposed Persons (PEPs). With LexisNexis WorldCompliance data, the company can check 100% of its customers on sanctions/PEP lists during their registration process, but also throughout the contractual relationship with them, thus identifying entities with the specific properties in real time.
The implementation of this solution led to the reduction of the time required for the classification of customers, as well as to the assurance of the Company's full compliance with the legal and regulatory requirements. The excellent collaboration between the two companies has been going on for three years already, with European Reliance remaining completely satisfied, both with the staff and the services of Infocredit Group.
As stated by Katerina Papadopoulou, Head of Compliance & AML of European Reliance “Compliance with regulatory issues is a primary goal for European Reliance. The choice of cooperating with Infocredit Group to comply with the specific KYC requirement to prevent the "Laundering" of Dirty Money, fully covered this need immediately and effectively, by automating our screening processes while facilitating our work. "
Learn more by downloading the case study here