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Anita Bunk
Head of Communications

Third EU Money Laundering Directive: Customer Due Diligence Mandatory for the Identification of High-Risk Persons

01/10/2007 -

Bosch Software Innovations GmbH, which is headquartered in Immenstaad (Germany), provides financial institutions with tools for the prevention of money laundering and the financing of terrorism. A large number of banks and insurance companies are currently using »name matching« software in combination with a worldwide sanction list to identify high-risk persons and politically exposed persons among their customers. Now, the subsidiaries of Swiss Life in Brussels and Luxembourg have announced their decision to implement »name matching«.

Starting in 2007, financial services providers in the EU will be subject to stricter obligations to combat money laundering, corruption and terrorist financing. Business relationships with persons suspected of involvement in terrorism are prohibited. Additional due diligence measures are required for politically exposed persons (PEPs).

The »name matching« software solution assists in meeting these requirements by checking customer data against entries in international blacklists at regular intervals.

As many as 500,000 politically exposed persons and high-risk persons with a criminal or terrorist background are included in worldwide sanction lists. The system completes a detailed search (1:1 matching) and a fuzzy analysis when checking all customers and when a business relationship is being established with a customer for the first time. The fuzzy analysis is based on an algorithm that compares parts of names, aliases and additional information such as date of birth, nationality and place of residence. This is a quality aspect that supplements the 1:1 name comparison. The compliance officer initiates clarification when matches are found.

»name matching« has been in use at the headquarters of Swiss Life for over a year. The company branches in Belgium and Luxembourg are now also using this software system to check their customers electronically. National regulations such as those passed by Commission banquaire, financière et d’ assurances in Belgium can be integrated into »name matching«.

»name matching« is available in three languages and is tailored to the needs of internationally active companies. Interested persons can test the functions of the system in a web conference.

About Swiss Life:

The Swiss Life Group is one of Europe’s leading providers of pension and life insurance products. The company offers its private and commercial customers comprehensive advice and a broad range of products through its own agents, partner brokers and banks on its home market Switzerland, where it is the market leader, and on additional selected markets throughout Europe. Multinational groups are provided with custom-tailored services through a separate network of partners in over 60 countries and regions. The Swiss Life Group is also active in the private banking sector through its subsidiary Banca del Gottardo. The bank, which is headquartered in Lugano, operates an extensive national and international branch network and currently has assets of approximately CHF 34 billion under management.

Swiss Life Holding has its seat in Zurich and began operations as Schweizerische Rentenanstalt in 1857. Swiss Life Holding is listed on the SIX Swiss Exchange (SLHN). The Swiss Life Group has approximately 9,000 employees.