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.