We’re changing our money laundering process for company bank accounts

20 August 2021

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We're making a change to our money laundering process when you submit any application where regular contributions are being made from a company bank account.

We told you earlier this year that we were tightening our money laundering controls for both individual and workplace pensions, one of which was the requirement to verify that the name and address of the person or company making a contribution matches the bank details provided.

What change are we making?

We’re now asking you to send us a copy of the company’s bank statement upfront i.e. along with any application where a regular contribution is being made from a commercial bank account. We’ll be making this change for both workplace and individual pensions where a regular contribution is being made from a company bank account.

Wording will be added to the Direct Debit details section of our application forms to guide, and please note too that this evidence will also be required whenever Direct Debit details for an in-force policy are changed.

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

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.