Isle of Man: corporate life-insurance onboarding

Apply the AML/CFT Code 2019 and the FSA's life-insurance guidance to the corporate policyholder. Obtain its company registration records, constitution, business details and ownership evidence. Trace relevant corporate or trust ownership and apply the required identity-verification measures.

Authority and premium funding

Verify the representative and obtain authority for the purchase. Record who may assign or surrender the policy and whether another party's consent is required.

Establish the purpose of the cover, insured person, premium payer and beneficiary. Take the required measures to establish source of funds. If premiums come from a different account holder, obtain the explanation and that holder's information, with additional verification appropriate to the risk and the Code.

Amendments and payments

Obtain beneficiary nominations and apply the Code's relevant insurance-beneficiary provisions. For assignments, request the agreement identifying the rights transferred and the person entitled to payment.

Review new premium payers, early surrender and changed recipient instructions before processing them. Confirm the recipient's entitlement and the representative's authority; obtain the identity evidence required for the relevant party and policy event.

Apply enhanced measures and PEP approvals where required and resolve sanctions findings. Preserve the ownership, funding and instruction evidence supporting acceptance and subsequent material changes.