Anti-money laundering - we’ve made some changes to our identity verification checks for workplace pensions

We’ve removed the need for you to complete our money laundering form, and instead we’ll be carrying out identity checks on the beneficial owners of a business. Where there are no beneficial owners, we’d need to carry out these checks on the key persons relating to the business. If there are no clear key persons, we’ll carry out a check on the scheme administrators.

Why are we making these changes?

This change allows us to comply with regulatory requirements and assists you with your due diligence checks. We’ve also acted on feedback that told us the current form process was difficult to complete.

What will we be asking you for?

The details we need are:

• Full name
• Address
• Post code
• Date of birth

There may be times that we need documentary evidence, such as passports and/or birth certificates, to confirm an individual’s identity, and we’ll be in touch with you if this is the case.

What does this mean for you?

You’ll no longer have to complete our money laundering form, leaving you with more time to have meaningful conversations with your clients.

If you have any queries about this, please get in touch with your usual Royal London contact.