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Changes to Online Protection to include
revised Money Laundering
requirements.
The FSA removed their detailed
rules on money laundering last year. To replace these, they
introduced high-level requirements for firms to apply their
own risk-based controls to meet their obligations regarding
money laundering prevention regulations.
These changes mean Legal & General are
able to apply exemptions and concessions to protection product
sales and we no longer require intermediaries
to send confirmation of
the client 's
identity when submitting
the application.
However where it is required, for example,
if there is a third party payer and their relationship with
the applicant is not clear, our Service Operations may contact
you to obtain ID.
In our Protection Update issue 43 in
November 2006, we confirmed the changes to our paper
applications to reflect this.
We are now pleased to
confirm that our online systems, Online Protection (OLP), Term
PAC and LaunchPad will be updated on 18th March
2007 to incorporate the changes.
Summary of the
changes
For full changes to our online systems click
here.
Contact Us
Our
specialist Protection sales team are only a phone call away.
If you would like further information on the above, please contact
us.
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