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Know Your Customer Check

What it is

The Know Your Customer (KYC) check is a mandatory practice in the United Kingdom.

KYC is an important part of anti-money laundering (AML) and counter-terrorist financing (CTF) compliance and is used to verify the identities of customers and assess potential risks before commencing a lease agreement.

This is not a director’s guarantee or other assignment or responsibility for the lease. There is no debt or financial obligation placed upon the director due to the KYC check.

Why we do it

KYC checks are carried out as part of the compliance procedures of our finance lenders to ensure they are protected against fraud, corruption, and money laundering.

We ensure that this policy is adhered to by all customers and do not treat any of our customers differently.

 What we ask for

KYC checks require the customer to supply two forms of identification.

The identification provided must be for the signatory of the documents for the finance agreement.

Acceptable Proofs of Identity

  • Passport – signed
  • UK Photo Card Driving Licence
  • National Identity Card
  • HM Forces ID Card
  • Firearms Certificate or Shotgun Licence
  • Identity Card issues by the Electoral Officer for Northern Ireland

Acceptable Proofs of Address

These documents must show the customer’s current residential address and be dated within 90 days.

  • Council tax bill/statement – must be relevant to the customer’s residential address
  • Utility bill (electric, gas, water, landline telephone, broadband) issued by a UK regulated provider – must be for service provision to the customer’s residential address
  • Bank Statement – can be either branch or internet produced. (The statement must show the account name, sort code, account number and account holder’s address). Must not be a business account
  • Mortgage Statement – must be relevant for the customer’s residential address
  • Entitlement to state or local authority-funded benefit (including housing and council tax benefit), tax credit, state pension, educational or other state or local authority-funded grant

We are unable to disclose the full details of the KYC check process for security purposes.

When we ask for it

The KYC check is carried out after finance approval and prior to delivery.

For any questions around our KYC policy, please contact a member of the team at lease@vanninja.co.uk