You must ensure that all customer information on the product application and associated documentation is complete and accurate and that you have obtained sufficient information about the client in order to mitigate risks from our doing business with anyone associated with money laundering or terrorist activity. The information listed below should be obtained on the insured, owner and payor for sales of all life insurance and annuity products.
- Social security or tax identification number
- Complete address information (P.O. Box is acceptable if a street address is also provided)
- Date of birth/trust
- Occupation (individual)
- Name of trustees and any beneficial owners
- Relationship of owner and/or payor to the insured
- For business, mailing address of business or principal place of business
- Type of business organization
- Description of business operations
Information that is required to be included in the application may vary by product. It may be necessary for us to contact the producer, general agent or consumer for details in order to meet “Know Your Customer” requirements. Furthermore, if you are a FINRA registered representative, your broker/dealer may require you to obtain, verify and document additional information in order to comply with FINRA and FinCen regulations related to AML.