IFAs call for anti-money laundering standards

Alan Smith, managing director of Capital Asset Management, says each life insurance provider tends to interpret anti-money laundering laws in different ways, with some asking for original documents and others requesting copies. He states: “Like all things, we need standards, but it is unlikely to happen because the law is open to interpretation. Each life insurance company has its own view of what the rules mean. It would be helpful to have standards from an IFA point of view but it is unlikely to happen in the short-term.” One example offered by Smith reveals Clerical Medical tried to ...