Credicorp

Sanctions

Sanctions are legal restrictions, imposed by governments and international bodies, that prohibit or limit dealings with named individuals, entities, or whole regimes. Financial sanctions can freeze assets and forbid providing funds or economic resources to a designated party. Lenders are required to screen the businesses and people they deal with against current sanctions lists.

What they are: Legal prohibitions on dealing with designated parties.
Who maintains them: Governments and international bodies, via published lists.
What screening does: Checks a borrower and its owners against those lists.

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Why lenders screen for sanctions

Providing funds to a sanctioned party is a serious legal breach. Screening a prospective borrower, and the people who own or control it, against sanctions lists protects the lender and supports the wider sanctions regime. It is a standard part of onboarding, carried out alongside identity checks and politically-exposed-person screening.

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… 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… 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… 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. Exempt lending Exempt lending is credit that falls outside the UK consumer-credit regime. Lending to a body corporate — a limited company or LLP — is exempt under FSMA… Interest Interest is the charge a lender makes for the use of borrowed money, usually expressed as a rate. On short-term business lending interest is often charged… Flat rate A flat rate charges interest on the original amount borrowed for the whole term, rather than on the reducing balance. It can look cheaper than it is… Drawdown Drawdown is the act of taking money from an agreed facility — turning available credit into funds in the business's bank account. On a revolving facility… Covenant A covenant is a promise or condition in a loan agreement that the borrower must keep. Breaching a covenant can be an event of default, even if payments…

Sanctions screening and the AML framework

Sanctions screening sits within the broader anti-money-laundering framework, alongside know-your-customer checks and the reporting duties under the Proceeds of Crime Act. It applies to a lender regardless of whether the lending is inside or outside the consumer-credit regime. For legitimate businesses it is simply part of the compliant system.

Sanctions and Credicorp

Credicorp screens the UK limited companies and LLPs it lends to, and their owners and controllers, against applicable sanctions lists as part of its anti-money-laundering checks. These obligations apply even though the lending 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).

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