Close

Customer due diligence

Customer Due Diligence describes the Know Your Business (KYB) and Know Your Customer (KYC) checks that we and all other Banks are legally required to complete to help reduce the risks of financial crime and to protect against reputational risk.
We're here to help

We're here to help

Forms of financial crime such as Identity Theft, sophisticated Fraud and Money Laundering represent some of the most serious threats to the safe and secure provision of finance.

To keep any possible impact from these threats to a minimum and to ensure Aldermore remains compliant with regulator’s standards, as well as checks on the customer we are lending to, we also check the identity of the beneficial owner(s) of the businesses we supply credit to and the signatory acting on its behalf. By beneficial owner, we simply mean individuals* with a 25%+ shareholding** of the customer business.

In the vast majority of cases, establishing the name, date of birth and residential address for the individual(s) is all we need to do. On rare occasions, we’re unable to find sufficient trace of the individuals we will request certified proofs of ID and/or address such as a certified copy of a Drivers License / Passport and Utility Bill / Bank statement.

Download our checklist, detailing the information we need from you.

How we can help

Wherever possible, we ask for these personal details to be included in your proposal information, or as notes to your submissions via App+. This greatly reduces any requirement for information later.

However, we recognise this information isn’t always available at point of quotation. We therefore carry out checks as best we can independently, and confirm to you if any further information is required once the credit of the customer has been confirmed.

If you would like any further information about our KYC process, please contact your account manager, or email us at KYCDepartment@aldermore.co.uk and we’ll be happy to help.

*This could be a parent company of our customer, in which case we will keep going up the ownership tree until we find the individual beneficial owner(s).

**for a higher risk customer, this check goes down to individuals with a 10%+ shareholding.

Published: