MAPFRE MSV Life has taken a significant step towards digitising its anti-money laundering (AML) operations through the adoption of KYC Portal CLM.
The company initiated this transformation in August 2022 by launching a comprehensive Request for Proposal (RFP) aimed at identifying a solution that could automate its AML functions while also enabling more advanced customer risk assessments. The RFP was underpinned by an in-depth vendor due diligence process, with a focus on finding a platform that would both enhance regulatory processes and integrate seamlessly with existing systems.
Although the insurer had the necessary compliance tools in place, many processes were still handled manually. This impacted onboarding timelines and ongoing monitoring efficiency. To address this, the company set out to build a fully automated system that would improve speed, reduce operational friction, and support real-time customer screening.
In June 2023, KYC Portal CLM was selected as the winning solution. The first stage of implementation focused on retail customers and has since gone live. Now, customers can complete onboarding, pass risk assessment checks, and receive their policy on the same day if deemed low-risk.
The adoption of KYC Portal has delivered significant operational efficiencies. By automating formerly manual tasks, the platform allows the anti-financial crime (AFC) team to focus attention where it’s most needed.
According to MAPFRE MSV Life, onboarding the platform was a smooth experience. The AFC Unit praised the responsiveness of the KYC Portal configuration team, and the ease of use exceeded expectations. Employees required minimal training, and the transition to the new system was achieved with little disruption.
Among the platform’s most valued features are instant sanction screening, dynamic customer risk assessment, automated compliance updates based on jurisdiction changes, and a detailed audit trail to support regulatory requirements. The system also minimises human involvement unless intervention is necessary, further enhancing focus on high-risk alerts.
Looking ahead, MAPFRE MSV Life plans to expand the system to support monthly risk classification reporting. Two new onboarding programmes are also in development—one for corporate clients and another for NGOs and donation recipients, aiming to broaden risk oversight into areas such as bribery and corruption.
Although internally referred to as their “AML System,” MAPFRE MSV Life acknowledges that the platform offers far more. With features ranging from biometrics-enabled video conferencing to onboarding orchestration, it now serves as a central client hub across the organisation.
Earlier in the month, KYC Portal launched KYCP as a Managed Service, a new offering aimed at helping organisations reduce the costs and complexity of managing compliance processes.
The new KYCP as a Managed Service provides organisations with access to their own compliance programmes within KYCP through a shared, fully-managed instance.
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