Your challenges.
Insurers deal with large portfolios and policies that run for many years. Life insurers are subject to the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) and are supervised by De Nederlandsche Bank (DNB). Customer due diligence does not stop at onboarding. At payout, too, you must know whom you are paying.
What we look at
Who is the policyholder, and does the policy fit their situation?
Who is the beneficiary, and is there reason for further investigation?
Screening policyholders and beneficiaries at the start and on an ongoing basis.
Bringing files for long-running policies up to the standard expected today.
Frequently asked questions
Is every insurer subject to the Wwft?
No. The Wwft applies to life insurers. Sanctions rules, however, apply to all insurers.
Do I also need to investigate at payout?
Yes. For a life insurance policy, you establish who the beneficiary is at the latest at the time of payout. This includes screening for PEP status and sanctions.
Can BlueMonks put a legacy portfolio in order?
Yes. We put existing files in order using a fixed method, so that every file is investigated and documented in the same way.