We need to verify that the name and address of the person or company paying for a new protection application or receiving a claim matches the bank details provided.
We’ll do this electronically and, if the verification fails, we’ll ask you for more evidence. This can be any of the following:
The evidence must include name, address, account number and sort code. We won’t accept a list of transactions downloaded from online banking.
We can only accept an e-mail where the attachment is a PDF download which looks exactly like a postal statement.
Copies of these documents are acceptable provided they've been certified by an appropriate person.
Please note - Bank accounts opened and registered prior to 1989, won't have their data stored in the CATO database which holds bank account information. Unfortunately, any accounts which fall into this category will always fail the enhanced electronic bank account check so we’ll request paper evidence for these accounts.
When we need to carry out AML checks for individuals, we’ll aim to do this electronically. However, if:
we’ll request additional proof of identity.
It’s important to note that the reality of meeting our regulatory requirements means we’re likely to be asking for additional evidence on a regular basis.
For third party claim recipients, nominated beneficiaries or beneficial owners not named on our records, including solicitors and funeral directors, we’ll also carry out real time screenings.
Unfortunately, if we don’t receive the evidence required within three months of a new business application being placed on risk, we’ll cancel the plan and claw back any commission paid.
For claims, we'll be unable to make any claim payments until all anti money laundering requirements have been fulfilled.