Changes to AML requirements from 1 June

Helen Huijsdens
Friday, May 24, 2019

From 1st June 2019, for protection products, we no longer require certified copies of ID and address verification at new business stage. This will be deferred to time of claim. However, the PEP question (and PEP questionnaire if appropriate) will still be required. If the premiums are to be paid by a third party, we will ask for confirmation of the nature of the relationship of the proposer to the payer.

For investment and savings products, we will require certified copies of ID and address verification for all new business applications, irrespective of the size of the investment. If the investment/premiums are to be paid by a third party, we will ask for confirmation of the nature of the relationship of the proposer to the payer.  We will also require ID and address verification for the third party.  

Pension products remain exempt from requirements for now.

It is important to remember that customer due diligence requirements do not negate the responsibility of an authorised entity to identify and report suspicious transactions.

For full details of Irish Life requirements from 1st June 2019, please read the document below.