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.

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.

Know Your Customer

To make arranging client funding as quick and easy as possible, we have a list of standard questions which makes it clear what we need from your client to gain credit approval as quickly as possible.

Partnership

• Full name, DOB and current residential address of all partners
• Full name, DOB and current residential address of all Signatories
• Nationality of all partners
• Confirmation of which partners hold more than 25% of the firm*
• Certified copy of recent proof of address and Photo ID**
• Have you told us whether the customer has been seen face to face by you or by an FCA approved dealer/supplier?

Limited / LLP:

• Full name, DOB and current residential address of all Directors/Designated Members
• Full name, DOB and current residential address of all Signatories
• Full name, DOB and current residential address of shareholders with voting rights of 25% or more/all partners who partners hold more than 25% of the firm*
• Nationality of all Directors/Designated members partners Full details of guarantor (if applicable)
• Certified copy of recent proof of address and Photo ID**
• Have you told us whether the customer has been seen face to face by you or by an FCA approved dealer/supplier?

Sole Trader / Individuals:

• Full name, DOB, nationality and current residential address
• Certified copy of driving license
• Certified copy of recent-proof of address and Photo ID**
• Have you told us whether the customer has been seen face to face by you or by an FCA approved dealer/supplier?

* For a higher risk customer, this check goes down to individuals with an ultimate shareholding of above 10%.
** 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, where we are unable to find a sufficient trace of the individuals we will request certified proofs of ID and address such as a certified copy of a Driving License/Passport and Utility Bill/Bank statement.

Download our KYC checklist

KYC Checklist		Video guide
Please use our handy KYC checklist to help guide you on what we will need from your client to gain credit approval as quickly as possible		Why not hear more from our Customer Due Diligence team to understand why Know your customer (KYC) and Know your business (KYB) checks are done and how important they are
KYC checklist		Watch our guide
Proof of identity and address documentation
Proof of Identity and Address Documentation