Insurance company DEVK beats the AML compliance deadline

In recent years, life insurance has replaced auto insurance as DEVK’s most important revenue-driver. With some 1.5 million life insurance policies on its books, assets totaling € 7.7 billion and annual premiums totaling € 729 millions, DEVK has a growing share of the German market. Jürgen Klein has worked for DEVK since 1981 and in 2006 was took charge of the antimoney laundering program, in particular with a view to combating potential terrorist financing.  Klein explains: “Previously, the statutory regulator would say to us, ‘you have to do this, that and the other to comply.’ Now the regulator says, ‘you must fully understand and quantify your own risks.’ That was a huge challenge because it was a completely new way of looking at things for the insurance industry.”

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