4.2 Onboarding and KYC Processes
Completion requirements
Introduction
In this lesson, we will delve into the onboarding and Know Your Customer (KYC) processes at rebuildingsociety.com. As a Peer-to-Peer (P2P) lending platform regulated by the Financial Conduct Authority (FCA), rebuildingsociety.com has developed robust procedures to verify the identity of its clients—both borrowers and lenders—to ensure compliance with regulatory requirements and to mitigate financial crime risks. This lesson will also cover the additional considerations brought in by the FCA’s Policy Statement PS22/10, particularly regarding the onboarding of lenders.
Learning Objectives
By the end of this lesson, you will be able to:
- Understand the key steps in rebuildingsociety.com's onboarding process for both business borrowers and lenders.
- Explain the importance of KYC procedures in preventing money laundering, fraud, and other financial crimes.
- Identify the regulatory requirements governing KYC processes, including relevant FCA Handbook references.
- Recognise how rebuildingsociety.com uses technology to streamline onboarding and KYC processes.
- Understand the implications of PS22/10 on the onboarding process for lenders, including categorisation, cooling-off periods, and onboarding frictions.