Jersey: corporate life-insurance onboarding

Obtain the company policyholder's registration, constitution and business details, identify beneficial owners and apply the required verification measures. The Jersey registry guide explains available local records. Obtain shareholder or trust documents for ownership information absent from the registry evidence.

Company instructions and funding

Verify the representative and purchase authority. Obtain the company mandate for assignments, surrender and beneficiary changes; identify any trustee or other person whose consent is required.

Record the insured person, premium payer, beneficiary and reason for cover. For premiums paid by a shareholder or another group entity, obtain evidence explaining the funding arrangement. A policy assigned to a lender needs the assignment and financing documents.

Beneficiaries and policy events

Article 13 of the Money Laundering Order permits beneficiary identification measures to be completed after the relationship starts only on its low-risk conditions. Complete those measures before payment or exercise of a vested policy right. Obtain the relevant ownership or trust-party evidence for a corporate or trust beneficiary.

Review PEP and sanctions findings under the applicable requirements. Investigate an early surrender, a new assignee or instructions to pay an unrelated recipient before processing the transaction.

Keep current nominations and assignments with the CDD file. At payment, obtain the evidence establishing the recipient's entitlement and confirm that the instruction was issued by an authorised person.