NorthRow

AML compliance for insurance

Future-proofing insurance against fraud and regulations

Cover all your AML compliance and fraud prevention needs with one platform. Perform AML checks, verify identities and businesses, uncover UBOs, and manage risks – all in one place.

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Coverage
insurance firm - individual verification

Join insurance firms such as Loadsure who have simplified their AML compliance.

The biggest AML challenges for insurance firms

EVOLVING REGULATORY LANDSCAPE

Increased enforcement of global AML standards by regulatory bodies like FATF, FCA, and FinCEN.

COMPLEX FINANCIAL CRIME SCHEMES

Growth in synthetic identity fraud, where fraudsters use fabricated identities to launder money.

INSUFFICIENT DATA INTEGRATION

Challenges in consolidating customer data across systems to create a unified customer view.

CUSTOMER AND ENHANCED DUE DILIGENCE

Difficulties in assessing risk for high-net-worth individuals (HNWIs) and politically exposed persons (PEPs).

MONITORING AND SUSPICIOUS ACTIVITY REPORTING

High volumes of false positives in monitoring systems, leading to resource inefficiencies

INTEGRATION OF ADVANCED TECHNOLOGIES

Leveraging AI and machine learning for fraud detection while ensuring transparency in decision-making.

£100 M

fines exceeded by the FCA

57%

of insurers see rising fraud

£153 BN

compliance costs in insurance

10%

of insurance budgets fund AML

40%

of compliance teams are manual

How NorthRow helps

Simplify complex processes, reduce regulatory risks, and enhance customer trust​ to prevent fraud

Strike a balance between stringent AML measures and a seamless customer journey to cover high-risk areas such as Ultimate Beneficial Ownership (UBO) verification.

Safeguard trust with proactive fraud prevention

Insurance is built on trust, and safeguarding against fraud is vital. Our AML software helps you identify potential threats before they become a problem, mitigating risks.

Cut costs and boost compliance efficiency

Manual compliance processes drain resources. NorthRow reduces operational costs while maintaining the highest compliance standards. Save time, save money, and reduce burnout.

Scale your compliance with custom workflows

Whether you’re a small firm or a large insurer, our solution grows with your business. Customise your onboarding workflows, compliance checks, and reports to match your specific needs.

insurance

AI is becoming a growing concern, enabling fraudsters to commit a wide range of crimes. It automates many formulaic processes while also allowing for visual confirmation and the creation of entirely new, realistic profiles that are harder to distinguish from legitimate ones.

insurance expert

Dr Elisabeth Carter

Criminologist and Forensic Linguist 

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Assess AML Risk

Simplify KYC and KYB due diligence workflows

Our software automates KYC, KYB, and ID&V processes, ensuring you’re always compliant with the latest UK requirements. 

foreign exchange liveness check
3 minute ID verification
REAL-TIME ID&V

Instant client verification for complete peace of mind

Verify individual and business identities in real time, using advanced biometric checks. Automatically assess risk levels with real-time data from trusted global sources.

QUICK, SECURE ONBOARDING

Enhance customer experience with automated verifications

Reduce onboarding delays and enhance customer satisfaction with automated KYC and KYB verifications – our software speeds up the process, resulting in smoother onboarding.

monitoring peps and sanctions

Impact in numbers: effortless AML compliance for insurance

We bring together global market-leading data sources and verification technologies into a single, simple interface, accessible anywhere, any time.

< 4%

Abandonment rate

220+

Jurisdictions

500m+

Entities available

13,000

Documents supported

1.5m

Daily news articles

< 2%

False positive rate

Always-on risk monitoring

Stay compliant 24/7 with automated checks for sanctions, PEPs, and adverse media. No manual intervention required, no gaps in coverage.

Effortless case management

A central compliance tool that delivers dynamic client records, provides MLROs and risk teams with full oversight, and ensures smoother internal and external audits.

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Audit ready reports in seconds

Generate FCA and PRA-compliant reports with one click. Whether it’s for regulators or internal audits, our software keeps you prepared without the endless paperwork.

credit cards
cloudpay

Helping CloudPay slash validation times from days to minutes, enabling rapid service expansion.

CloudPay chose NorthRow to deliver a quicker, more efficient onboarding process to support rapid growth and lofty ambitions for the future while enhancing compliance and security and improving the overall customer experience.

Read their story

Insurance FAQs

For all of your burning questions, take a look at our FAQs. Can’t find the answer to your question? Feel free to contact us directly and we’ll be happy to help.
What challenges do we help accountancy firms with?

WorkStation revolutionises the client onboarding process for accountancy firms. The complexity of client portfolios and the need for timely risk assessment often pose significant hurdles to efficient onboarding processes in accountancy firms. 

Workstation streamlines document collection and verification, delivers real-time screening against global watchlists and sanction lists, unravels complex corporate structures, vets UBOs and PSCs while reducing the time and resources required for thorough client onboarding. 

What are the benefits of NorthRow?

Freeing up your team and compliance managers from being bogged down by the manual processing of KYC and KYB checks, NorthRow ensures your compliance with AML regulations.

By automating manual tasks and streamlining workflows, our software increases operational efficiency and accelerates the onboarding process.

Why not see the benefits for yourself in a live demo?

Can WorkStation handle complex client structures and UBO assessments?

Absolutely! Our software is equpped with advanced technology to navigate the intricate landscape of client structures and beneficial ownership. Through comprehensive due diligence processes, WorkStation facilitates the identification and verification of beneficial owners, enabling your accountancy firm to comply with regulatory requirements and mitigate the risk of financial crime. 

How does WorkStation streamline document collection and verification?

Often the most laborious but crucial of tasks, WorkStation makes document capture and verification a breeze. Our software automates the collection and verification of client documents, reducing manual intervention and streamlining workflows.

Through intelligent document capture technology and optical character recognition (OCR) capabilities, WorkStation extracts relevant information from client documents automatically.

Which PEP and sanction sources are covered?

Real-time screening against global watchlists and sanction lists is instrumental. With WorkStation, you can screen customers against global sanction and PEP watchlists including HMT, OFSI, OFAC, UN, EU and other sanctions from around the world with information updated in real-time.

How can we get started?

Getting started is simple. Contact our team to schedule a personalised demo, where we’ll chat through your firm’s specific requirements and share how WorkStation can help you to overcome your compliance challenges.

Our implementation process is quick and efficient, ensuring minimal disruption to your operations while maximising the benefits of partnering with NorthRow. 

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We’ve worked with hundreds of regulated businesses. Let’s work together.

Book your free demo of our ID&V, KYC, KYB, and AML compliance solution and discover how we’ve turned compliance into a competitive advantage for companies like Knight Frank, CloudPay, and Yorkshire Building Society.

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