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

2 April 2020
We’ve improved our identity checking process for new workplace schemes.

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.

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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.