Like any financial institution, the regulator expects us to do the necessary due diligence on our customers. Regulation in this region is tightening, and we have no choice but to comply with the requirements.
As a licensed insurance broker, JW Seagon is classified as a financial institution. Therefore, in the same way that you must provide certain documents to open a bank account; you will need to provide similar documentation to set up your insurance policy.
We have compiled a list of FAQs based on all your questions:
Know Your Customer – FAQ’s
- Why do I need to submit documents to verify my identity?
The regulator requires financial institutions such as insurance brokers to provide proof of identity for every customer.
- Why is JW Seagon collecting this information
As an insurance broker JW Seagon is classified as a financial institution and is bound by the regulator to collect various customer due diligence documentation from all its customers.
- What documents do I need to provide?
We have listed out the requirements on the links below depending on whether you have an individual/family policy or a company policy:
- With identity theft being an issue, I am uncomfortable complying with this request.
- I have already submitted my documents many times. Why do I have to do it again?
It is important that the information submitted is up to date as people’s circumstances may change year on year. Our teams will only request documentation over and above what you have already provided.
- Please clarify how we produce these documents.
You have a few options to submit the documents:
- You can scan all your documents and email them to your Client Relationship Manager – these documents will have to be certified by a professional third party or by an authorized certifier at JW Seagon
- You can bring original documents to any one of our offices and we will certify and scan them for you
- How does this affect my insurance policy?
Your insurance policy may be affected if you fail to provide any documents after a few reminders and these include terminating the policy. Unless you have a valid reason such as being under medical care or facing a force majeure event, kindly send us the requested documents within a reasonable period. We are here to assist and facilitate the process in any way we can.
- Are other insurance brokers collecting documents from their customers?
Yes, every insurance broker is required to collect customer due diligence documentation. Brokers who fail to do this may risk a notice, fine or suspension of their license.
- Why does the regulator require insurance brokers to collect documents to support their customer’s identity?
The regulator is clamping down on identity theft, financial fraud, money laundering and terrorist financing and is protecting the best interests of you, the customer.
- What happens to my documents?
They are stored in a secure internal database which is only accessed by JW Seagon employees. Documents are not shared with any third party unless required by law.
- Does KRA have access to these documents?
KRA does not have access to these documents, and we are not required to share your documents with the KRA.
- It is costly to get documents certified by a third-party, can you help?
We appreciate your concerns and are conscious not to inundate you with extra costs. We have authorized certifiers within the JW Seagon team who will be happy to certify your documents at no extra cost.