How SmartSearch helps Life Insurance Companies

Customer Due Diligence/Know Your Customer is intended to ensure that Life Insurance Companies or Intermediaries ascertain the true identity of each Customer, Beneficial Owner and Beneficiary of the policy and assess with an appropriate degree of confidence the types of Business and Transactions the Customer is likely to undertake. Consistent with applicable law, the Life Insurance Company or Intermediary’s procedures should include the following:

• Identify and verify the identity of each Customer before or during the course of establishing a business relationship.

• Identify the Beneficial Owner of the Customer, and take reasonable measures to verify the identity of the Beneficial Owner such that the Life Insurance Company or Intermediary is satisfied that it knows who the Beneficial Owner is.

• Identify and verify the identity of the Beneficiary of the Life Insurance contract at or before the time of payout or the time when the Beneficiary intends to exercise vested rights under the policy.

• Normally, and in the absence of indicators of higher risk, the anti-fraud checks regarding the identity of the beneficiary at the time of payout would be adequate.

• Obtain appropriate additional information to understand the customer’s circumstances and business, including the purpose and the expected nature of the relationship. Relevant Customer Due Diligence information should be periodically updated as part of the risk assessment process.

SmartSearch is the multi award winning platform that allows Life Insurance Firms and Intermediaries to comply with Anti-Money Laundering Regulations. SmartSearch is the only AML platform that allows Individuals and Businesses to be verified on a single platform, inbuilt Sanction and PEP screening and ongoing monitoring means firms can remain compliant without the need for many different services and dramatically reduces the time and cost of using traditional documents such as Passports, Driving Licences or using Companies House.