Regulatory Alerts2025-04-05
Added
Guidelines on Identification of Beneficiaries of Insurance and Investment Related Insurance Policies
Long-Term Insurers must obtain sufficient beneficiary information at onboarding or upon designation to enable identity verification at the pay-out stage, including names, identification numbers, and addresses for natural persons, and registration details for legal persons. Simplified Due Diligence is permitted for low-risk beneficiaries, requiring verification of full names, nationality, and ID or passport details, while Enhanced Due Diligence is mandated for high-risk scenarios such as foreign Politically Influential Persons, high-risk jurisdictions, or complex transactions. Insurers are required to screen beneficiaries against United Nations Security Council sanctions lists before payment and to apply risk-based controls, including senior management approval for high-risk payouts and filing suspicious activity reports where necessary.