Royal London has added extra anti money-laundering controls

Here’s what Royal London have to say about their integrated enhanced bank check:

As part of our anti money laundering control updates, we’re introducing an integrated enhanced bank check within our application journey to help keep your clients safe from fraud.

What does this mean for you?

You’ll see some additional fields to complete on the payment details page. These ask you to add a billing address (if applicable) to enable the check to run correctly. We’ve also updated help text boxes to guide you. 

If the bank check passes, the application journey will continue as normal. If it fails, you can check the details and try again or you’ve the option of continuing through the journey with a fail. 

If you continue with a fail, we’ll need to ask for the required evidence (usually a bank statement), this information can come direct from you or your client. 

If we don’t hear back after four weeks, we’ll contact you directly to assist us in obtaining this information. This will not stop the plan going on risk but it’s important we get the requested evidence within 12 weeks of the plan starting.

Why might a bank check fail?

A check could fail for a number of reasons:

  • The information provided doesn’t match the details held by the bank
  • It’s a very new or older bank account (meaning we can’t get the information electronically)
  • It’s a newly formed bank or is outside mainland UK

To find out more, click here.

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