The ever-changing circumstances of members in a pension scheme or whole-of-life plan in addition to significant reforms to the pension industry create many challenges for financial institutions and trustees. Insufficient management of data and identity can lead to billions of pounds of funds and entitlements either being forgotten, mistakenly overpaid, or worse, fraudulently withdrawn.
LexisNexis® Risk Solutions delivers pioneering trace, existence, identity management and compliance solutions tailored to the life and pensions industry. We deliver market leading products to third party administrators, leading independent pension schemes and life assurance plans that help prevent fraud, verify identity and remain compliant with the Pension Regulator’s record-keeping guidance.
Are you doing enough to maintain accurate member records in your pension scheme? Our free guide provides advice on steps to mitigate data decay and trace gone away members.
The recent pension reforms have prompted a lot of operational changes to deal with financial regulations and payments of large amounts of cash.
Many pension managers and administrators have adopted a manual process for AML checks, as it is seen to be low risk and a cost effective solution. However with greater pension freedom, the quantity of withdrawals have increased which mean a manual process is no longer feasible. Also, with the number of high value payments increasing, this brings greater risk of financial crime.
An inadequate AML compliance procedure may mean you miss sanctioned individuals, fraudsters or those committing money laundering. In turn, this exposes you to additional operational costs, reputational risk and financial loss.
We offer the advantage of an end to end solution to managing AML screening, automatically verifying member identity and regularly screening records against PEP list, Sanction lists and Pension Regulator lists. This significantly reduces the amount of time required compared to a manual process.
To discuss your specific AML obligations of your pension scheme or life assurance plan request a consultation with one of our specialists.
“We are re-engaging with a higher percentage of our customers while reducing mailing costs and also reducing the risk of data protection breaches”