Prudential International has agreed to sign up to the Association of International Life Offices' initiative to standardise anti-money laundering procedures across offshore jurisdictions.
Last week, Money Marketing reported that Prudential International had said it was not yet ready to sign up to Ailo's campaign to create a level playing field for anti-money-laundering procedures but the provider now says it is on board.
Pru International says it is satisfied that the requirements of the initiative sit with its internal structures and is happy to sign up. The initiative is intended to standardise procedures and make it easier for IFAs to deal with providers once the scheme goes live on October 1.
More than 30 Ailo member companies across seven jurisdictions in the Channel Islands, Ireland, Isle of Man and Luxemburg will be covered the plan.
Ailo chief executive Stuart Fairclough says: “The management at Prudential International have confirmed they are supportive of the plan and have signed up. We now have all Ailo members signed up to the initiative.”
Prudential International spokesman Darragh Leeson says: “We have been supportive of the initiative but we just needed to go through some internal checks and balances to satisfy ourselves that this is being done in the right way.”