Credicorp

KYC (know your customer)

Know your customer, or KYC, is the process by which a lender or other regulated business identifies and verifies who it is dealing with before, and during, a relationship. It is a core part of anti-money-laundering compliance: a lender must be satisfied that a borrower is genuine, understand its ownership, and keep that understanding current.

What it verifies: The identity of the business, its directors, and its ultimate beneficial owners.
Why it is done: To meet anti-money-laundering obligations and to lend responsibly.
When it happens: At onboarding, and refreshed where the relationship or risk changes.

Feedback & complaints

Terms & conditions

Privacy

Cookie policy

KYC for a business borrower

For a company or LLP, KYC means confirming the entity exists and is active — often via Companies House — identifying its directors, and establishing who ultimately owns or controls it. Where an individual controls more than a quarter of the business, they are typically identified as an ultimate beneficial owner and verified. The aim is to make sure a lender knows who really stands behind the borrower.

AML Anti-money laundering (AML) is the set of laws and checks that require lenders to verify who they are dealing with and to report suspicious activity… 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… Companies House Companies House is the UK's registrar of companies. It incorporates and dissolves limited companies and LLPs, and maintains the public register of company… /legal/vulnerability/ How Credicorp, a UK business lender, supports customers going through a difficult time — vulnerability policy and support routes. Incorporation Incorporation is the act of forming a company so that it exists as a separate legal person, registered at Companies House. It is what gives a business… Direct Debit A Direct Debit is a standing instruction that lets a lender collect a scheduled payment from a business's bank account. It is governed by the Direct Debit… ICO (Information Commissioner's Office) The ICO is the UK's independent data-protection regulator, responsible for upholding information rights and enforcing UK GDPR and the Data Protection Act… Business overdraft A business overdraft lets a company spend beyond its bank balance up to an agreed limit, with interest on the amount overdrawn. A revolving credit… BNPL (buy now, pay later) Buy now, pay later (BNPL) lets a customer split the cost of a purchase into instalments. In a business context, spreading the cost of bills over time is a… MLR 2017 (Money Laundering Regulations) The Money Laundering Regulations 2017 require lenders to verify the identity of the businesses they lend to and to screen them for sanctions and…

KYC and screening

KYC sits alongside screening against sanctions lists and checks for politically exposed persons. Together they let a lender judge the risk of a relationship and decide whether further scrutiny is needed. These checks are required under the Money Laundering Regulations 2017 and apply to business lending whether or not it falls within the consumer-credit regime.

KYC and Credicorp

Credicorp carries out know-your-customer checks on the UK limited companies and LLPs it lends to, as part of meeting its anti-money-laundering obligations. The published eligibility criteria set out what a business needs to qualify; the internal detail of decisioning is not published. 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