Industry Insight
By Lucy Wadcock Technical Executive lucy@psgsipp.co.uk
Proof of Address
Requirements The UK is one of the most developed countries in the fight against financial crimes including fraud, money laundering, and terrorist financing.
Proof of identity is usually straightforward, as a copy of a passport does the job – providing it has been certified in the correct way by a suitable person. But how do you prove where you live? The documents listed in PSG SIPP’s AML Guide are documents that are considered robust enough to prove residency. Where none of these documents can be Strict and advanced UK Anti-Money provided, we will always look at Laundering (AML) laws are in place alternatives and we invite the to detect such crimes and to prevent submission of any documentation the use of professional services for available so that we can review it. Our conducting criminal activity. Financial Money Laundering Reporting Officer institutions that don’t comply with these laws can find themselves subject will then make a decision as to whether to penalties which could be financial or, this is an acceptable proof of address. depending on the nature and severity Another thing to think about is the of the crime, result in up to 14 years fact that in the UK, the transfer process in prison for named individuals within is governed by strict rules which the firm. schemes must abide by to ensure the transfer is compliant. In our experience, As a UK SIPP provider authorised and 2 items of proof of address (POA) are regulated in the UK, PSG SIPP Limited often requested by DB schemes. is under an obligation to meet these Therefore, it’s always worth keeping in strict AML requirements imposed by mind that just because PSG SIPP our regulators. What does this mean Limited may only require one form of in practice? It means we must have POA as per the list in the AML Guide, documentation on file that proves in other parties involved will have their a satisfactory way that a client is who own separate requirements. they say they are and that they live at a particular address.
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We do often receive items that are not an acceptable POA and inevitably this will cause us to have to pause the case, adding delays to requesting the transfer and meaning we can’t get on with the important work our customers expect us to be doing! These delays can usually be avoided by noting our AML requirements beforehand and ensuring these are met prior to sending in the case.
To ensure our continued compliance with anti-money laundering requirements, we regularly consult with a third-party industry expert in the subject. Our PSG SIPP AML Guide is a result of this consultation.
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