Cogitate announces its new partnership with sanctions.io, a cost-effective solution for real-time anti-money laundering and sanctions screening. Cogitate has integrated sanctions.io with DigitalEdge Policy to automate identity verification and meet anti-money laundering and sanctions compliance for its newest professional liability implementation.
This partnership streamlines a critical component of the underwriting process, which has become increasingly complex due to recent world events. The rapid growth in sanctions, and explosive fines for noncompliance, necessitates a new level of due diligence, which Cogitate and sanctions.io are making simple and affordable.
“Together, Cogitate and sanctions.io are delivering a new level of peace of mind within the underwriting workbench by automating hard blocks on submissions flagged for sanctions. Data integrations like sanctions.io are contributing to the speed with which underwriters are accurately evaluating and pricing risks on our platform,” shares Arvind Kaushal, CEO of Cogitate.
“We’re thrilled to announce our partnership and integration with Cogitate. Anti-money laundering and sanctions compliance are more critical than ever for the insurance sector. With regulatory penalties on the rise and sanctions reaching unprecedented levels, our collaboration aims to provide insurance carriers, MGAs, and wholesalers with the real-time screening solutions they need to mitigate the risk of noncompliance effectively,” explains Thorsten J. Gorny, CEO of sanctions.io.
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