Credicorp

AML (anti-money laundering)

Anti-money laundering, usually shortened to AML, is the framework of laws, regulations and checks designed to stop the financial system being used to launder the proceeds of crime. In the UK it requires lenders and other regulated businesses to verify who they are dealing with, understand the purpose of a transaction, and report activity they suspect is linked to crime.

Main UK rules: The Money Laundering Regulations 2017 (MLR 2017) and the Proceeds of Crime Act 2002 (POCA).
Core obligations: Verify identity (KYC), screen for sanctions and politically exposed persons, and report suspicion.
Who it applies to: Lenders, banks, and many other businesses handling money or credit.

Feedback & complaints

Terms & conditions

Privacy

Cookie policy

Know your customer

A central part of AML is "know your customer" (KYC): identifying the business you are lending to, verifying it is genuine, and identifying the people who own or control it — including any ultimate beneficial owner. For a business borrower this means confirming the company or LLP exists, who its directors are, and who ultimately benefits from it.

KYC Know your customer (KYC) is the process of identifying and verifying who a lender is dealing with — the business, its directors and its ultimate owners… Ultimate beneficial owner An ultimate beneficial owner is the individual who ultimately owns or controls a company — typically anyone holding more than 25% — identified and… Politically exposed person A politically exposed person (PEP) holds a prominent public function — such as a senior politician, judge or central-bank official — and is screened more… Due diligence Due diligence is the set of checks a lender carries out before and during a lending relationship — confirming the borrower is genuine, understanding its… /legal/vulnerability/ How Credicorp, a UK business lender, supports customers going through a difficult time — vulnerability policy and support routes. Responsible lending Responsible lending means lending only what a business can sensibly handle, being clear about cost, and supporting borrowers in difficulty. Credicorp… Eligibility Eligibility is the set of published criteria a business must meet to be considered for a facility. Credicorp's criteria: a UK limited company or LLP… SAR (Suspicious Activity Report) A Suspicious Activity Report is the report a regulated business files when it suspects activity involves the proceeds of crime or money laundering, under… Limited company A limited company is a UK business structure registered at Companies House that exists as a separate legal person from its owners, giving its shareholders… Arrears Arrears are payments that a borrower has missed and not yet made up — money that is overdue under a credit agreement but has not yet reached the threshold… Asset finance Asset finance is a way of funding equipment, vehicles or machinery by spreading the cost over time, with the asset itself usually acting as the security…

Screening and reporting

AML also requires screening borrowers against sanctions lists and checking whether anyone involved is a politically exposed person, who carries a higher risk and warrants closer scrutiny. Where a lender suspects money laundering, it must file a Suspicious Activity Report under POCA. These obligations apply regardless of whether the lending itself is inside or outside the consumer-credit regime.

AML and Credicorp

Credicorp lends to UK limited companies and LLPs and applies anti-money-laundering checks as part of every application, in line with the Money Laundering Regulations 2017 and POCA 2002. These obligations apply even though business lending of this kind sits outside the consumer-credit regime. Credicorp is an independent UK lender, not affiliated with Credicorp Inc of Peru, Credit Corp of Australia, or any other Credicorp entity outside the United Kingdom (Company No. 16093826; ICO ZC157682).

Explore related UK business lending terms

Full business lending glossary UK →

Ready when your company is

A 5-minute application. AI decision in minutes, confirmed by a real underwriter. Same-day funding on approval. No personal guarantee.

Apply now — takes 5 minutes Contact us