Online UBO Declaration within the Sanction Platform for VNAB
The VNAB, the trade association for the commercial insurance market, has developed the Sanction Pl@tform in collaboration with Fenêtre online solutions. This online platform enables the insurance market to comply with Sanctions laws and regulations quickly and cost-effectively.
An UBO solution that is flexible and future-proof, allowing customers to be fully served online through the Sanctions Platform.
An UBO solution that is flexible and future-proof, allowing customers to be fully served online through the Sanctions Platform.
Fenêtre, working closely with VNAB and its members, is continuously expanding and improving the Sanctions Platform. Since the platform's launch, European and U.S. transaction checks, an e-ABS integration, monitoring, and the relationship mechanism (removing a relationship from active monitoring) have been added.
Brokers and insurers inquired whether it would be possible to extend the current method of collecting information about the ultimate beneficial owners (UBO) of a company through a structured PDF with an online form.
Requirements
Requirements and solutions
Solutions
Online form to identify UBOs
After analyzing the desired features and the impact on the current functioning of the Sanctions Platform, Fenêtre began development.
Now, instead of using a PDF, Dutch companies needing insurance can submit UBO details to their broker or insurer online via the Sanctions Platform. The online form immediately verifies whether all required information is correctly entered, and various help texts are available—a useful feature during the UBO declaration process. Moreover, this saves brokers and insurers valuable time. Naturally, the form is secured with a unique access code.
A flexible and future-proof solution
In addition to the online form, extra features have been added to the Sanctions Platform to ensure flexibility and future-proofing. VNAB can now manage help texts themselves, and brokers and insurers can style their online UBO forms with their own logo and contact details.
With the online UBO form, brokers or insurers now have the option to choose whether to request UBO information via an online form or a structured PDF. It's still possible to manually add UBO data if needed, for the optimal user experience.
Result
- Brokers and insurers can fully serve their Dutch customers online, eliminating cumbersome PDFs for UBO research
- A logical, clear workflow and highly user-friendly
- Data is securely transmitted and encrypted
- Easy to maintain, future-proof UBO solution
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