View more on these topics

Ailo move over cash laundering standards

The Association of International Life Offices is planning to set up minimum standards on anti-money-laundering measures to stop competition on compliance between members.

Ailo says the new standards are designed to protect against the reputational risk to the offshore industry of members competing on the basis of which jurisdiction or provider has the lightest-touch anti-money laundering regime.

The initiative will also standardise procedures, making it easier for IFAs to deal with providers once the scheme goes live on October 1, when all member companies are expected to be compliant with the standards.

The new standards introduce minimum requirements covering evidence of identity, specific requirements on corporate and trustee applications and information on source of wealth and funds.

Under the new standards, client identification will still be allowed by IFAs because of their regulated status.

Existing offshore business will also be covered by the standards, with minimum inf-ormation regarding identity required for assignments, top-ups and payments to and from third parties.

More than 30 Ailo member companies operate across seven different regulatory and legislative frameworks in the Channel Islands, Ireland, Isle of Man and Luxemburg.

Member companies will be able to promote the fact that they operate to the minimum working practices agreed by Ailo.

Chairman Alan Morgan Moodie says: “We recognise that it is in nobody&#39s interest, other than the money launderer, for member companies to compete on compliance.

“This initiative is intended to strengthen defence across the industry and demonstrate that Ailo is keen to work with regulators and other international bodies to promote quality business and minimise inconvenience to IFAs by varying standards in different jurisdictions.”

Recommended

Millfield gets shareholder go-ahead for share issue

Millfield shareholders have passed a special resolution enabling the group to boost its working capital by £3.6m through the issue of 6.4 million shares.At an extraordinary general meeting, shareholders agreed to the move, which Millfield hopes will enable it to become self-financing.The shares are expected to be admitted to listing on AIM today at 60p […]

Churchill quits Zurich to be Pension Protection Fund chairman

Outgoing Zurich Financial Services UK, Ireland and Inter-national life chief executive Lawrence Churchill has been confirmed as the first chairman of the Pension Protection Fund. Churchill resigned from Zurich last week after 18 months. He joined the company in 2002 from Unum Provident. The Government had been looking for an industry big hitter to head […]

MEP&#39s call to arms on PI

Directives from Brussels are causing professional indemnity insurance problems for IFAs and Labour MEP Peter Skinner says lobbying should be centred on this issue. IFA firms carrying out both insurance and investment business will be hit with PI requirements stemming from the insurance mediation directive in January and the investment services directive in April 2006. […]

Aegon aims for 5% share with IFA merger

Origen chief executive Gareth Marr (pictured above left) and chairman Peter Dornan (right) now lead an IFA formed from the consolidation of the five firms wholly owned by Aegon – Advisory & Brokerage Services, Wentworth Rose, Aurora Financial Group, Momentum Financial Services and Elliott Bayley. The new 200-RI firm has aggressive expansion plans to win […]

Passport - thumbnail

Thinking of expanding overseas?

Whether you’re a small company or an established larger employer, expanding overseas into emerging markets can be an extremely attractive prospect for growing your business. However, with this comes a duty-of-care requirement to any staff based overseas.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment